Live Oak Bank was hard at work in the third quarter, closing three loans on behalf of senior care clients across the country. First, on behalf of a joint venture between Smith/Packett and RSF Partners, the lender closed a $6.2 million commitment for a conventional refinance of a 136-bed skilled nursing facility in Parksley, Virginia (Eastern Shore). Smith/Packett had originally acquired the community from a local hospital in 2017, bringing in Saber Healthcare to operate the property under a lease agreement. In the last couple of years, the firm has invested millions in renovating the property. And now, the time has come to refinance.
Live Oak then closed a $3.3 million SBA 7a construction loan for a 22-unit BeeHive memory care community in Gilbert, Arizona. Two registered nurses with advanced degrees and leadership experience in business and healthcare administration are developing the property. The loan carries a 26-year term with an interest-only period during construction and lease-up.
Finally, back to Virginia, Live Oak closed an $8.2 million financing package including an SBA 7a loan and a pari-passu conventional loan to fund the construction of a 38-unit AL/MC community in Locust Grove (halfway between Richmond and Washington, D.C.). The borrower was a local owner.
