MonticelloAM has successfully secured $87 million in financing for a portfolio of skilled nursing facilities located in Florida. As a specialized multifamily and seniors housing lender, MonticelloAM is well-versed in providing bridge loans and managing credit risk.
The funds from the $80 million bridge loan were used to refinance existing debt on four skilled nursing facilities. The loan has a 24-month term with the option for two six-month extensions at the borrower’s discretion.
In addition, MonticelloAM also provided a working capital revolver of $7 million to cover day-to-day operational expenses for the four properties, which collectively have over 450 beds.
This achievement comes during an impressive period for senior housing and care acquisitions. In fact, during the third quarter of 2024 alone there were 175 total deals completed – with nearly 37% involving skilled nursing transactions. This brings the total number of annual transactions to an unprecedented high of over 700 – surpassing last year’s record-breaking figure by approximately 25%.
