New York, NY, February 13, 2020 – MONTICELLOAM, LLC and its affiliates, a specialized private real estate and asset-based lender, asset manager and servicer, announced it has provided $38 million in first lien debt financing for the acquisition of one mixed-use rental model retirement community in New Jersey consisting of 226 Independent Living Units, 113 Assisted Living / Memory Care Facility Beds, and 60 Skilled Nursing Facility Beds. The transaction also includes a $1 million working capital loan to the operating company of the property provided by MONTICELLOAM, LLC’s asset-based lending group, Monticello Commercial Capital, LLC.
The transaction’s sponsor is an experienced owner and operator of various models of senior living communities. Following this transaction, the sponsor’s portfolio consists of 704 beds/units.
About MONTICELLOAM, LLC
MONTICELLOAM, LLC offers floating rate bridge loans, 5, 7 and 10-year fixed rate loans, as well as working capital lines of credit. MONTICELLOAM, LLC provides financing for healthcare facilities and commercial real estate throughout the U.S. The firm was founded in October 2014 by Alan Litt, Thomas Lally and Jonathan Litt, who each have over 35 years of industry experience as lenders, investors, developers and owner operators.