MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, closed an $87,150,000 bridge loan for 39 residential assisted living communities in Fresno. The borrower was not disclosed.

Expanding its relationship with MonticelloAM, the borrower plans to use the bridge loan proceeds to refinance the existing debt on the properties with the intent to secure long-term financing. 

“MonticelloAM’s deep knowledge of structuring seniors housing loans, paired with our commitment to our client’s goals, were the key drivers in this operator’s decision to partner with us on another transaction,” said Joseph Borenstein, head of the MonticelloAM healthcare sales desk. “We look forward to providing our seniors housing clients tailored solutions, positioning them for future success.”

Cambridge Realty Capital Companies arranged a $5,950,000 conventional loan to acquire Twilight Haven Senior Living, located in Fresno. Brent Holman-Gomez, SVP at Cambridge, lined up the fully-amortized, 25-year loan for the buyer, a California limited liability company. Underwriting the transaction was a Utah-based industrial bank.

Twilight Haven comprises 60 independent living units, as well as 116 assisted living beds and 50 skilled nursing care beds. The assisted living business is focused on the Medi-Cal Assisted Living Waiver program.

Holman-Gomez said the acquisition was an opportunistic major turnaround for the nonprofit seller to the for-profit buyer. “The selling operator was in bankruptcy and the skilled nursing facility was closed,” he said. “Given the troubled asset and current credit markets, this was a remarkably high loan-to-cost ratio within traditional norms, allowing the borrower to grow their business while limiting cash to close.”