MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, has closed $73.2 million in total bridge and working capital financing for a portfolio of seniors housing and healthcare properties across Ohio.

The $64,700,000 floating-rate senior bridge loan will be used by the sponsorship group, a repeat client of MonticelloAM, to recapitalize the existing debt on the portfolio, consisting of independent living, assisted living, and skilled nursing properties. The $8.5 million working capital facility will be used to cover the day-to-day operational needs of over 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. We were pleased to work with a returning sponsorship group to refinance their portfolio, setting them up for future success,” said Joseph Borenstein, head of the MonticelloAM Healthcare Sales Desk.

San Clemente-based CareTrust REIT, Inc. and a joint venture partner have entered into a binding agreement to acquire a portfolio of skilled nursing facilities for approximately $500 million. The portfolio consists of 31 skilled nursing facilities totaling 3,290 licensed beds, with 30 facilities located in Tennessee and one in Alabama.

PACS Group has agreed to operate 12 facilities, while affiliates of The Ensign Group will operate nine and Links Healthcare Group will operate seven. Three facilities will be master-leased to a regional operator, a new tenant relationship for CareTrust.

CareTrust president and CEO Dave Sedgwick said, “The successful closing of this transaction in the fourth quarter will, not including other opportunities we continue to pursue, bring our annual investment total to approximately $1.4 billion. Combining the full-year impact of this year’s investments with a reloading pipeline, the table is set for 2025 to be another tremendous year for CareTrust and the many operators we support.”

Pictured: A PACS Group facility.

NOVEMBER 6, 2024: Next Wednesday, the most active retail investors, owners, developers, forecasters, managers, brokers, lenders, and others will be at the Luxe Sunset Blvd Hotel for this year’s Connect Retail West conference. Don’t miss the leading retail CRE event happening next week on Wednesday, Nov 6 – Be sure to register in advance, registration pricing increases on event day. 

Ziegler, a specialty investment bank based in Chicago, was the exclusive financial advisor in the sale of a skilled nursing facility with more than 100 beds in a northern neighborhood of Chicago.

Acting as the advisor to a non-profit Illinois-based seller, Ziegler facilitated the transaction, which
saw the facility being acquired by a prominent local operator effective March 1, 2024. Nick
Glaisner, Managing Director in Ziegler’s Senior Housing and Care Practice, led this transaction
with the support of Melanie Shaffer.

Late last year, Ziegler also acted as the advisor to Marquee Capital (formerly, Berengaria Development) on the sale of BrightStar Senior Living Fort Wayne, a 41-unit assisted living and memory care center located in Fort Wayne, Indiana. Ziegler Senior Housing & Care Finance is focused on delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry.

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!

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