Live Oak Bank and Locust Point Capital closed a $15.2 million loan through an A/B unitranche product for Georgia-based Phoenix Senior Living. The financing will retire the existing construction debt of Retreat at Lady’s Island, a 75-unit assisted living/memory care community in Beaufort, South Carolina. Built in 2018 by Connexion Senior Living, the $10.2 million, or $136,000 per unit, construction project encompasses 55,000 square feet and sits just northeast of Savannah, Georgia. With the transaction, Live Oak Bank was able to expand its relationship with both Phoenix Senior Living and Locust Point Capital.
Locus Point Provides Financing
