MonticelloAM Closes on $87M Refi for 4 Florida Nursing Care Facilities

MonticelloAM closed on $87 million in total bridge and working capital financing for a portfolio of skilled nursing facilities located in Florida. The company is a specialized multifamily and seniors housing lender platform with expertise in providing bridge loans and managing credit risk.

Proceeds from the $80 million bridge loan were used to refinance the existing debt on four skilled nursing facilities. The loan carries a 24-month term with two six-month extensions for the borrower.

The $7 million working capital revolver will be used to manage day-to-day operational expenses for the four properties covering over 450 skilled nursing beds.

The third quarter of 2024 marked a record-breaking period for senior housing and care acquisitions.

There were 175 total deals for the quarter, of which 37% were skilled nursing transactions. For the year, 700 annual transactions were completed, surpassing the previous high of 559 transactions set in 2022 by about 25%.