MonticelloAM has provided $87 million to refinance a skilled nursing portfolio in Florida, covering four properties.
Most of the funding ($80 million) comes via a bridge loan, which carries a 24-month term that includes two exercise options of six months each for the borrower. Also, the other $7 million will serve as a capital revolver line of credit, which will help manage the operational costs for the portfolio, which spans to more than 450 skilled nursing beds.
The borrower on the deal was not revealed.
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“At MonticelloAM, we understand the importance of a line of credit for healthcare borrowers as they navigate the day-to-day business of caring for residents," Kim Gordon, head of the MonticelloAM working capital group, said in a statement.
"We are proud to partner with our clients by providing a working capital facility, offering them greater flexibility as they manage the needs of their skilled nursing facilities."
Throughout the year, the company has continued its activity in providing bridge financing, along with other forms of capital for assets across the country. Most recently, this includes $32 million for a Herber City, Utah multifamily property, $59.25 million for skilled nursing facilities in Illinois, $40.3 million for multifamily properties in Las Vegas, and $47.5 million for a residential community in Huntsville, Alabama.
Florida is home to nine of the nation's 30 fastest-growing apartment markets, according to a recent report from analysis by RealPage.
Lakeland’s inventory increased by 39% over the past four years, clocking in at second to Huntsville, Alabama. While high supply has been an issue for many multifamily landlords this year, demand is finally starting to catch up. In the third quarter, demand reached nearly 68,000 units in The Sunshine State.
Since MonticelloAM's founding in October 2014, the company has originated $9.1 billion worth of loans. Now the lending platform has $6.4 billion in loan investments under management.
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