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NEW JERSEY — Monticello and its affiliates have provided $38 million in first lien debt financing for the acquisition of one rental-model retirement community in New Jersey.
The community features 226 independent living units, 113 assisted living and memory care beds and 60 skilled nursing beds.
The transaction also includes a $1 million working capital loan to the operating company of the property provided by Monticello’s asset-based lending group, Monticello Commercial Capital.
The borrower is an owner and operator of various models of senior living. The name and location of the property involved in this transaction were not disclosed.