CHICAGO — MonticelloAM and its affiliates have provided $59.2 million in bridge and working capital financing for a portfolio of skilled nursing facilities in metro Chicago. Proceeds from the $52.2 million bridge loan were used for the acquisition of three skilled nursing facilities. The $7 million working capital revolver will be used to support the day-to-day operations across the properties, covering over 700 licensed beds.
Karina Davydov, a managing director at MonticelloAM, originated the loan that carries a two-year term with two six-month extensions. “MonticelloAM understands the challenges borrowers are facing while navigating choppy capital markets and has the capacity to participate in every part of the capital stack to meet their needs,” says Davydov.
Headquartered in New York City, MonticelloAM is a specialized multifamily and seniors housing bridge lending platform.