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MonticelloAM Closes $59M to Finance IL Skilled Nursing Facilities
MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, and its affiliates announced the closing of $59.25 million in bridge and working capital financing for a portfolio of skilled nursing facilities in Illinois.
Karina Davydov, a Managing Director at Monticello, originated the loan, which carries a two-year term with two six-month extensions. “We are thrilled to have provided a total financing solution as we build a relationship with a growing regional operator,” said Davydov.
Proceeds from the $52.25 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.
“We built the MonticelloAM bridge platform to address the unique needs of operators, particularly in the healthcare space, through our customized financing solutions,” added Joseph Borenstein, head of the MonticelloAM Healthcare Sales Desk.
