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MonticelloAM Provides $144M for WA Nursing Facility Portfolio
MonticelloAM, along with firm affiliates, provided $144 million in combined bridge and working capital financing to a six-community skilled nursing portfolio in Washington.
The transaction includes a $140 million bridge loan and a $4 million working capital line of credit, with a 36-month initial term. “Transactions like this one speak to the strength of the relationships we’ve built in the skilled nursing space,” said Joseph Borenstein, head of the company’s healthcare bridge lending team.
The sponsor is a returning MonticelloAM healthcare client with a regional west coast footprint that includes over fifteen communities. The bridge loan was used for the acquisition of the six skilled nursing facilities, comprising over 720 licensed beds. A week earlier, affiliates of MonticelloAM closed an investment for $46 million with the same sponsor.
“Access to working capital can be a key driver of operational stability and long-term growth. Structuring this line of credit to fit the specific demands of an expanding portfolio demonstrates our robust lending capabilities,” said Kim Gordon, Head of the MonticelloAM Working Capital group.
