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 the operations and performance of the facility.