Monticello Asset Management, LLC announced that one of Monticello’s investment vehicles originated $8.03 million in first lien debt financing to Leroy Operating, LLC.

Monticello is a Registered Investment Adviser that, through a series of affiliated investment vehicles, provides Bridge Loans to skilled nursing, assisted living, adult home, and affordable housing properties located within carefully selected areas throughout the United States. Monticello’s borrowers are in need of short term financing for acquisition or existing debt refinancing before applying to the Department of Housing and Urban Development (HUD), Fannie Mae, or Freddie Mac for long-term financing. The Mortgagor is using the funds to purchase a single property in New York that holds 140 beds. The Mortgagor anticipates receiving a HUD guaranteed loan within the Bridge-To-HUD term. The Borrower’s Principals have over 20 years of combined experience owning and operating similar facilities.

The facility was built in 1979 and currently has a 5-star CMS rating. In addition to basic skilled nursing services, the facility contains a 40-bed non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property has a total land area of 8.2 acres and the building itself consists of 45,888 square-feet in total. Services provided include 24-hour skilled nursing care as well as ancillary services, including physical, occupational and speech therapies.