TENNESSEE — An affiliate of Monticello Asset Management LLC has provided a $16.5 million loan to Nashville 832 Wedgewood Property LLC for the acquisition of a 119-bed skilled nursing facility in Tennessee. The name and specific location of the property were not disclosed.
The borrower was seeking short-term financing for the acquisition, and plans to eventually replace the debt with permanent financing from HUD, Fannie Mae or Freddie Mac.
The facility was built in 1970 and expanded in 2011. Of the 119 licensed beds, there is a short-term care unit comprised of 48 private suites. The remaining 71 beds are typically utilized for long-term patients. Additionally, the facility features a 4,000-square-foot therapy gym.
The property sits on 3.76 acres and the building itself totals 69,336 square feet.