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NEW JERSEY — Monticello Asset Management LLC has provided $37.8 million in first lien debt financing for the acquisition of two skilled nursing properties totaling 328 beds in New Jersey.
The transaction also includes a $3 million working capital loan to the operating companies of the properties, provided by Monticello’s asset-based lending group Monticello Commercial Capital. The borrower, an owner-operator with a portfolio of more than 2,000 beds, anticipates receiving a HUD guaranteed loan.
Further details on the names and locations of the facilities were not disclosed.