Monticello Asset Management, LLC (“Monticello”), a Registered Investment Advisor, through an affiliated investment vehicle provides Bridge-To-HUD loans to Skilled Nursing and Assisted Living Facilities throughout the U.S., announced that Monticello’s investment vehicle originated $20.3MM in first lien debt financing to a Skilled Nursing Facility in Valhalla, NY. The borrower is using the funds to refinance existing debt and expects the property to be refinanced by a Department of Housing and Urban Development (HUD) guaranteed mortgage within the Bridge-To-HUD term. The borrower’s Principals are operators with years of experience in the Skilled Nursing industry.
Alan Litt, President of Monticello said, “Our firm is very excited about this transaction. This deal exemplifies what we are trying to accomplish at Monticello; to provide returns for our participants while also having a positive impact on the community by delivering financing to facilities that provide care to the elderly and borrowers that have experience and a track record of success in the Skilled Nursing industry.”
The Skilled Nursing Facility consists of 88 resident rooms which comprises 160 licensed Skilled Nursing beds. Services provided include 24-hour skilled nursing care as well as ancillary services including physical therapy, occupational therapy, speech therapy, subacute care, orthopedic rehabilitation, wound care, and memory care.
Monticello’s investment vehicles aim to provide financing to Skilled Nursing and Assisted Living Facilities across the U.S. who are in need of short term “Bridge-To-HUD” financing for acquisition or existing debt refinancing before applying to HUD, Fannie Mae, or Freddie Mac for long-term financing. Monticello Asset Management, LLC was founded in October 2014 by its Principals: Thomas Lally, Alan Litt, and Jonathan Litt, who have worked together for over 20 years. The Principals, who have over 30 years of experience as lenders, investors, developers, owners, managers, and workout specialists of Skilled Nursing and Assisted Living Facilities, believe their breadth of experience differentiates Monticello.