KENTUCKY and NORTH CAROLINA — Monticello has provided a $2.5 million working capital loan to the operating companies of three skilled nursing facilities totaling 312 beds in Kentucky and North Carolina. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the funds. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the acquisition of several facilities in 2018 and 2019 for the company.
North Carolina
Monticello Provides $30M Financing for 312-Bed Skilled Nursing Portfolio in Kentucky, North Carolina
by Jeff Shaw
KENTUCKY and NORTH CAROLINA — Monticello has provided $30 million in first lien debt financing for the acquisition of one skilled nursing facility and refinancing of two others. The portfolio totals 312 beds in Kentucky and North Carolina. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the acquisition of a number of facilities in 2018 and 2019 for the sponsor.
Singh Senior Living Names Brian O’Hara Executive Director of Waltonwood Cary Parkway in North Carolina
by Jeff Shaw
CARY, N.C. — Singh Senior Living has named Brian O’Hara as the new executive director of Waltonwood Cary Parkway, an independent living, assisted living and memory care community in Cary, a suburb of Raleigh. O’Hara brings more than 20 years of senior living experience to his new role. He started on the non-clinical side of senior living before making a career move to pharmaceuticals. He returned to the industry and worked his way up to area director of operations for a senior living company. Missing the one-on-one relationships with associates …
Monticello Provides $117M in Financing for a 1,357-Bed Skilled Nursing Facility Portfolio in North Carolina, Kentucky
by Jeff Shaw
NORTH CAROLINA and KENTUCKY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current …
ENGLEWOOD CLIFFS, N.J. — Oxford Finance LLC has provided a $64.6 million term loan and revolving line of credit to The Portopiccolo Group, a New Jersey-based, privately held company. Proceeds were used for the acquisition of three skilled nursing facilities — one in Maryland and two in North Carolina totaling 450 skilled nursing and 50 assisted living beds. The specific names and locations of the communities were not disclosed.
RALEIGH, N.C. — Green Courte Partners (GCP), through one of its investment funds, has acquired The Aspens at Bedford Falls, a 182-unit seniors housing community in Raleigh. Construction of the community was completed in August 2019. GCP acquired the property along with its wholly owned subsidiary True Connection Communities, which will take over operations. The price and seller were not disclosed. GCP plans to convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community will total 181 units, increasing buyer’s total portfolio to …
CLEMMONS, N.C. — Evans Senior Investments (ESI) has arranged the sale of Crest of Clemmons, an assisted living community in the Winston-Salem suburb of Clemmons for $5 million, or $111,000 per unit. The seller was previously the owner-operator, which leased the facility 15 months ago. The buyer is the current regional operator exercising its purchase option. The 45-unit community features 70 operational and licensed beds. It was built in 1984 and renovated in 2005. Occupancy has averaged 85 percent (per bed, not unit) since 2016.
DURHAM, N.C. — CBRE has arranged an $18 million loan to refinance debt on Bartlett Reserve, a 100-unit independent living community in Durham. The borrower is Focus Healthcare Partners. CBRE also arranged the acquisition financing for Focus in 2017. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing originated the floating-rate loan through Fannie Mae.
CHARLOTTE, WINSTON-SALEM and RALEIGH, N.C. — Cadence Living, an owner-operator with properties in the West and Southeast, has taken over management of seven seniors housing communities in the Charlotte, Winston-Salem and Raleigh markets. The three Charlotte-area senior living community locations include Cadence Moorseville, Cadence Huntersville and Cadence Senior Living at Mint Hill. The additional properties include Cadence at Wake Forest, Cadence North Raleigh, and Cadence Garner in the Raleigh area, and Cadence at Clemmons in the Winston-Salem area. The seven communities comprise 402 total units of assisted living and memory …