NORTH CAROLINA — Monticello Asset Management LLC has provided $35.6 million in first lien debt financing for the acquisition of three skilled nursing properties and two skilled nursing/assisted living facilities totaling 600 beds across North Carolina.
In addition to the acquisition financing, Monticello also provided $2.5 million for renovation financing at the facilities. The transaction also includes a $4.5 million working capital loan made 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 portfolio of over 2,600 licensed beds and has an established relationship with Monticello. The borrower anticipates receiving a HUD guaranteed loan.
The names and locations of the facilities, as well as the sellers, were not disclosed.