A 30-property skilled nursing and assisted living portfolio in Kentucky and Tennessee received $600 million in bridge financing. Meanwhile, a 118-bed skilled nursing facility in Pensacola, Florida, changed hands.
$600 Million in Financing for 3,050 Plus Bed Portfolio
MONTICELLOAM funded $600 million in total bridge financing for a thirty-property skilled nursing and assisted living portfolio in Kentucky and Tennessee.
“This closing is a significant achievement for our firm, one that represents to the scale of our capabilities,” said Alan Litt, Principal & Co-founder of MONTICELLOAM, said in a press release.
The Sponsor Group, a returning MONTICELLOAM client, owns and operates more than 180 skilled nursing facilities across the United States, underscoring its track record as a partner in the space.
The loan includes a 36-month initial term, and proceeds were used by the sponsor to retire the existing debt on the portfolio, covering over 3,050 licensed beds, the press release noted.
“At MONTICELLOAM, we place a strong emphasis on truly knowing our clients,” said Joe Borenstein, Head of Healthcare at MONTICELLOAM. “Working with a sponsor who is a repeat client provides a level of trust and familiarity that enables us to consistently deliver strong results.”
118-bed SNF Sold
Evans Senior Investments (ESI) has completed the sale of a 118-bed skilled nursing facility in Pensacola, Florida. ESI represented the seller, a large owner-operator exiting the Florida market. The transaction closed at a 5.3% cap rate based on in-place cash flow.
ESI’s marketing focused on the facility’s census upside: at 80% occupancy and approximately $10 million in annual revenue. The building gave buyers a clear opportunity to grow cash flow through occupancy gains. ESI positioned the asset for operators seeking scale in Florida and ran a disciplined process built around speed and certainty of close for a seller exiting the state. The buyer, a national company expanding its Florida presence, closed the transaction in under four months from start to finish, and the 5.3% cap rate on in-place cash flow reflects the value buyers place on well-located Florida skilled nursing assets with room to grow.
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