New York, NY, November 7, 2024 – MONTICELLOAM, LLC (“MonticelloAM”), a specialized multifamily and seniors housing bridge lending platform, announced the closing of $87,000,000 in total bridge and working capital financing for a portfolio of skilled nursing facilities located in Florida.
Proceeds from the $80,000,000 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.
“We were thrilled to strengthen our relationship with an existing borrower team by providing bridge and working capital financing for their skilled nursing properties. The MonticelloAM team is committed to being a collaborative partner to our healthcare clients with tailored capital solutions that help them achieve long-term success,” said Joseph Borenstein, head of the MonticelloAM Healthcare Sales Desk.
The $7,000,000 working capital revolver will be used to manage day-to-day operational expenses for the four properties covering over 450 skilled nursing beds.
“At MonticelloAM, we understand the importance of a line of credit for healthcare borrowers as they navigate the day-to-day business of caring for residents. We are proud to partner with our clients by providing a working capital facility, offering them greater flexibility as they manage the needs of their skilled nursing facilities,” adds Kim Gordon, head of the MonticelloAM Working Capital group.
About MONTICELLOAM, LLC
MONTICELLOAM, LLC (“MonticelloAM”) is a specialized multifamily and seniors housing lending platform with expertise in executing 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.
This transaction was closed by an affiliate of MonticelloAM, formerly known as Greystone Monticello LLC.