Monticello Provides $69M Financing for New Jersey Portfolio
Monticello Asset Management recently raised $69 million for a New Jersey skilled nursing investor and its operating partner.
Two of the New York City-based firm’s investment vehicles originated $65 million in first-lien debt financing to HP Intermediate Administrative Services, which is looking to buy a four-asset skilled nursing portfolio in the Garden State. Monticello’s vehicles also landed a $4 million working capital loan for the operating companies associated with the buildings.
The facilities have a total of 654 licensed beds, with 504 skilled beds, 74 memory care units, 60 assisted living units, and a 16-bed ventilator area.
HP Intermediate expects to receive a loan guaranteed by the Department of Housing and Urban Development (HUD) within the Bridge-to-HUD term. The principals of the borrower have acquired eight other similar facilities over the past three years.
County-Run Nursing Home in Ohio Gets $100,000 Loan
The Butler County Care Facility in Ohio received a $100,000 loan from the county in what has become an annual transfer from the general fund to the county-run nursing home, the Dayton Daily News reported.
The loan is lower than years past; a year ago, the facility required a $425,000 subsidy. In 2016, the nursing home had to be lent $225,000 so it could make payroll through the end of the year.
With the new loan, the 190-bed facility’s outstanding bill comes to about $825,000. The home has regularly needed cash due to regulations, audits, and Medicaid rates, according to the Dayton Daily News. Additional funds will likely be needed before the year is out, county administrator Charlie Young told the publication.
Officials OK Sale of County Home to Private Buyers
A publicly operated nursing home in Urbana, Ill. received government approval for a proposed sale to new private owners.
The Illinois Health Facilities and Services Review Board voted to allow the sale of the Champaign County Nursing Home to University Rehabilitation C-U and University Rehab Real Estate, according to a report in The News-Gazette.
The initial proposed buyer had been a company called Altitude Acquisitions; The News-Gazette pointed out that the two eventual buyers were formed in August.
The vote marks another step in a complicated sale process for the facility, which had owed millions to a variety of parties. Earlier this year, a deal proposed by a drug rehabilitation company to lease a portion of the facility fell through after objections from community members.
Written by Maggie Flynn