A couple of senior living communities refinanced with the help of the team at Live Oak Bank . In the first deal, KSL Seniors, a developer/owner focused on the western United States, secured a five-year loan with a floating interest rate to refinance its newly built 71-unit assisted living/memory care community in Greely, Colorado.
Opened in Q4:19, the property is operated by Cadence Senior Living and offers common areas and amenities with an appeal to not only the community’s residents, but their extended families. The loan totaled $8.1 million and took out a construction line of credit. It also allowed KSL to recapture a line of credit capacity to pursue future projects.
Then, Live Oak Bank closed a $5.8 million refinance for a 42-unit memory care community in Saratoga Springs, New York. Owned and operated by a faith-based not-for-profit, the community was temporarily closed and extensively renovated in 2017. It has since reopened, leased up and fully stabilized. Being located adjacent to the owner’s flagship assisted living community certainly helped with that fill-up.
Live Oak provided a five-year loan, with a floating rate, from its balance sheet that allowed the not-for-profit to consolidate debts and position itself for future permanent financing options.
