NEW YORK CITY — Monticello Asset Management LLC has provided $40 million in first lien debt financing for an assisted living facility in the Bronx. The property features a total of 256 beds. The borrower and name of the facility were not disclosed. The loan will refinance existing debt. The borrower recently completed an extensive renovation of the facility including updates to the resident rooms, lobby, common areas and landscaping. Monticello provided the long-term financing for the borrower after it received full licensure in New York and has since stabilized …
Finance
ILLINOIS — Capital Funding LLC has provided bridge-to-HUD financing for the acquisition of six skilled nursing facilities located throughout Illinois. The portfolio totals 594 total beds. The borrower, amount of capital, and names and locations of the properties were not disclosed. Capital Funding also financed the operations of a seventh skilled nursing facility in the portfolio, operated by Crown Healthcare. The lender expects to ultimately refinance the debt through HUD’S 232/223(f) program. Craig Casagrande originated the transaction for Capital Funding. Capital Finance LLC also provided working capital in the amount …
The Federal Housing Finance Administration’s (FHFA) recent decision to maintain healthy multifamily purchase volumes for Fannie Mae and Freddie Mac calmed market uncertainties over capital availability for the remainder of 2019 and 2020, which had increased loan spreads by 30 to 50 basis points over the summer. The decision also addressed similar uncertainties in the seniors housing industry and, to some degree, growing concerns over affordability. Both were hot topics at the National Investment Center for Seniors Housing and Care’s fall conference in mid-September, and M&T Bank’s healthcare banking and …
NEW HAVEN, Conn. — HJ Sims has closed $45.8 million in financing for The Mary Wade Home, a healthcare facility in New Haven that offers a skilled nursing center, residential care home services, adult day medical health center, physical rehabilitation and transportation services.