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NEW YORK CITY — MonticelloAM has provided $39 million in bridge and working capital financing for two skilled nursing facilities in New Jersey.
The borrower will use the $38 million floating-rate senior bridge loan to consolidate previous loans and reduce its cost of capital and will use the $1 million working capital facility to cover the day-to-day needs of the facilities. Together, the properties total 300 skilled nursing beds.
“The MonticelloAM team did a remarkable job closing this transaction in 45 days to meet their timeline, underscoring our commitment to our client’s goals,” says Joseph Borenstein, head of the MonticelloAM Healthcare Sales Desk.