MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, closed a $73.2 million in total bridge and working capital financing for a portfolio of seniors housing and healthcare properties across Ohio.
The $64.7 million floating-rate senior bridge loan will be used by the sponsorship group, a repeat client of MonticelloAM, to recapitalize the existing debt on the portfolio, consisting of independent living, assisted living and skilled nursing properties.
“The MonticelloAM bridge platform was built to meet the unique needs of our seniors housing and healthcare clients through our tailored financing solutions,” Joseph Borenstein, head of the healthcare sales deck for MonticelloAM, said. “We were pleased to work with a returning sponsorship group to refinance their portfolio, setting them up for future success.”
The $8.5 million working capital facility will be used to cover the day-to-day operational needs of over 700 beds across the portfolio.
“We were grateful to be able to work with a borrower who is familiar with our expertise in asset-based financing for our healthcare clients,” Kim Gordon, head of the working capital group for MonticelloAM, said. “MonticelloAM is committed to providing the working capital flexibility needed for our borrowers to manage the daily expenses of operating the skilled nursing facilities.”
