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NIAGARA FALLS, N.Y. — Monticello Asset Management LLC has facilitated a $7.2 million bridge-to-HUD loan for a 160-bed skilled nursing facility in Niagara Falls. The name of the facility was not disclosed.
The capital, provided by an investment vehicle affiliated with Monticello, will be used to refinance existing debt. The borrower expects to eventually receive financing from HUD, which will cancel out this loan.
The skilled nursing facility has 105 rooms, including a 15-bed sub-acute rehabilitation unit.