The financing supports the execution of Wellpointe Inc.'s plans to significantly expand its affordable, boutique-style residential assisted living capacity via its Fresno Guest Homes brand
FRESNO, Calif., Jan. 9, 2025 /PRNewswire-PRWeb/ -- Wellpointe Inc. ("Wellpointe" or the "Company"), an affordable, boutique-style residential assisted living provider that operates at the intersection of healthcare and real estate, is proud to announce the successful closing of an $87.15 million bridge financing with an affiliate of MONTICELLOAM, LLC ("MonticelloAM") for its Fresno, CA portfolio operating under the Fresno Guest Homes brand.
Proceeds from the transaction were used to refinance existing debt, acquire select additional locations under contract, and fund the go-to-market redevelopment of several locations already in the Company's existing Fresno, CA development pipeline.
"The execution of this significant and highly structured financing marks an important expansion of our relationship with MonticelloAM," said George Kutnerian, Co-Founder, President & CEO of Wellpointe Inc. "While most financings address one to two objectives, this bespoke transaction with MonticelloAM comprehensively addresses the multiple strategic financial objectives of refinancing our existing near term maturities, acquisition of under contract locations, fresh capital to bring-to-market newly redeveloped locations, and two meaningful earnouts at future stabilization milestones to serve as additional growth capital – all in service of our mission of democratizing access to housing and care for our older population with affordable, boutique-style residential assisted living paired with an integrated and coordinated system of care."
"We're excited to build upon our relationship with Wellpointe's leadership team," said Joseph Borenstein, Senior Managing Director and head of the MonticelloAM Healthcare Sales Desk. "Wellpointe has established itself within the emerging residential assisted living segment and we are excited to help position them for future success as they fulfill an important social mission."
For more information about Wellpointe Inc., visit www.wellpointe.com.
About Wellpointe Inc.
Operating at the intersection of healthcare and real estate, Wellpointe is a leading provider of affordable, boutique-style residential assisted living services that specializes in offering a coordinated and integrated system of care to high-acuity older adults with multiple chronic illnesses, including Alzheimer's and other dementia.
About MONTICELLOAM, LLC
MONTICELLOAM, LLC ("MonticelloAM") is a specialized multifamily and seniors housing lending platform with expertise in executing bridge loans and managing credit risk. MonticelloAM offers bridge, working capital and permanent financing options to properties across the U.S. The firm was founded in October 2014 by Alan Litt, Thomas Lally and Jonathan Litt, who each have over 35 years of industry experience as lenders, investors, developers, and owner-operators.
This transaction was originated by an affiliate of MonticelloAM.
Media Contact
Joshua Lushtak - Director of Corporate Services, Wellpointe Inc., 1 (559) 434-1839, [email protected], www.wellpointe.com
SOURCE Wellpointe Inc.
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