MonticelloAM Closed on a $73.2 million bridge and working capital loan for an Ohio provider, while Blueprint closed on the sale of Samaritas Senior Living Cadillac for an undisclosed amount.

MonticelloAM Closes $73.2M in Bridge and Working Capital for Ohio Portfolio

MonticelloAM announced the closing of $73.2 million in total bridge and working capital financing for a portfolio of skilled nursing, independent living and assisted living properties, all in Ohio.

Broken down further, $64.7 million of the $73.2 million is a floating-rate senior bridge loan which will be used by a repeat client of MonticelloAM to recapitalize existing debt on the portfolio. The remaining $8.5 million is a working capital facility used to cover day-to-day operational needs for more than 700 beds across the portfolio.

“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 MonticelloAM sales desk, said in a statement. “We were pleased to work with a returning sponsorship group to refinance their portfolio, setting them up for future success.”

MonticelloAM is committed to providing working capital flexibility needed to manage the daily expenses of operating skilled nursing facilities, added Kim Gordon, head of MonticelloAM’s working capital group.

Blueprint Completes Sale of Samaritas Senior Living Cadillac

Blueprint completed the sale of Michigan nonprofit facility Samaritas Senior Living Cadillac, a 131-bed skilled nursing and long-term care facility, 24 of which are designed for secure memory care, while 30 are private rooms and 50 are semi-private.

The new owner and sale price weren’t disclosed, but Blueprint said the owner is a prominent Michigan-based skilled nursing provider; the Cadillac facility represented its northern-most location in the state.

The facility is located less than one mile from Munson Healthcare Cadillac Hospital in Michigan and has a 4-star rating in the Five Star Rating System. Samaritas was originally constructed in 1964 with expansions completed in the 1970s and a full renovation and rehabilitation addition in 2012, Blueprint said.

Samaritas owners decided to exit the skilled nursing business after 50 years of service, instead focusing on child and family services, behavioral health, refugee services and affordable housing in the area.

“Historically, the facility generated stabilized operating margins, however, census declined during the pandemic leading ownership to take some beds offline,” Blueprint representatives said in a statement.