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TENNESSEE — Monticello Asset Management LLC has provided $16 million in first lien debt financing for the acquisition of two skilled nursing properties totaling 303 beds in Tennessee.
The transaction also includes a $3 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC.
The Borrower is an experienced owner and operator with a current portfolio of 3,765 licensed beds and has an established relationship with Monticello. Prior to this deal, Monticello financed the borrower’s acquisition of a number of facilities during 2017 and 2018.
The borrower expects to eventually replace the financing with a HUD guaranteed loan.