NEW YORK CITY — Monticello Asset Management LLC has provided $34.1 million in financing to Elener Associates LLC and W Management Group, which will use the funds to acquire a 256-bed skilled nursing facility in New York.
The four-story building was constructed in 1961 totaling 120 resident rooms. It totals 35,525 square feet on 0.82 acres. The name of the facility was not disclosed.
The borrowers plan to make improvements to the physical building as well as the operations. Renovations, which will require closing an entire floor at a time, will include addition of a kitchenette, changes to the telecommunication systems and improvements to the fire sprinkler system.