MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, closed $39 million in total bridge and working capital financing for two New Jersey skilled nursing facilities.
The sponsorship group, a repeat MonticelloAM client with extensive experience in the skilled nursing industry, will use the $38 million floating-rate senior bridge loan to consolidate previous loans and reduce its cost of capital.
“We appreciate growing our relationship with the sponsorship to provide crucial bridge financing for an exceptional skilled nursing operator,” Joseph Borenstein, head of the MonticelloAM healthcare sales desk, said. “The MonticelloAM team did a remarkable job closing this transaction in 45 days to meet their timeline, underscoring our commitment to our client’s goals.”
The $1 million working capital facility will be used by the sponsorship to cover the day-to-day needs of over 300 skilled nursing beds.
“The sponsorship looked to our team to provide a line of credit solution to meet the daily demands of their skilled nursing portfolio,” Kim Gordon, head of MonticelloAM’s working capital group, said. “We were glad to leverage our asset-based lending expertise to contribute to their success.”
