July 17, 2023 (original publish date*) – MONTICELLOAM, LLC and its affiliates (f/k/a Greystone Monticello LLC), a bridge lending platform intended to serve as a one-stop shop provider of capital finance products and services for the senior housing, healthcare and multifamily sectors, has provided bridge financing towards the $150 million acquisition of a portfolio of eight Supportive Living Facilities (SLF) located across the state of Illinois. Senior Managing Director Eric Rosenstock worked with both the buyer and the seller on this transaction and originated the bridge financing.
The portfolio of eight SLF properties were financed with a two-year bridge loan and are intended to transition to long-term, fixed-rate financing. Comprising 921 total beds, the facilities are located in Elk Grove, Melrose Park, Country Club Hills, Bartlett, Vernon Hills, and Chicago. The Supportive Living Program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing.
About MONTICELLOAM, LLC
MONTICELLOAM, LLC and its affiliates (collectively, “MonticelloAM”) is a specialized multifamily and seniors housing lending platform with expertise in providing bridge loans and managing credit risk. MonticelloAM offers bridge, working capital and permanent financing options to properties across 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.
To learn more visit www.monticelloam.com.
*This article was originally published on July 17, 2023, when this transaction was completed by a joint-venture partnership between MonticelloAM and a third-party entity. The joint-venture partnership ended effective October 1, 2024.