OLATHE, Kan. — Monticello Asset Management LLC has originated $6.3 million in first lien debt financing to Olathe Property Holdings LLC and AHO LLC. The borrowers will use the funds to acquire a 147-bed skilled nursing facility in Kansas.
The borrowers plan to make $500,000 in upgrades throughout the facility, and expect to convert the acquisition funding to a HUD loan in the near future. The specific name and location of the property were not disclosed.
The facility was built in 1986 and features 83 private and semi-private units. The property totals 52,156 square feet on a 4.7-acre plot.