Live Oak Bank closed a $29 million loan in September for Waltham, Massachusetts-based Benchmark Senior Living to refinance a 101-unit assisted living/memory care community in Smithtown, New York. With 130 licensed beds and 88,500 square feet, the three-story community is called Whisper Woods of Smithtown. Its development cost was estimated at $25 million, or $248,000 per unit. The financing replaced the original construction debt for the community, which was built by Benchmark and was stabilized at the time of closing.
NY Assisted Living Community Refinances Construction Debt
