Live Oak Bank has been actively lending this Fall, so far, announcing three closings in recent weeks. The bank first closed a $13.5 million bridge loan for Bakerson Companies. The bridge-to-agency loan features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to recapitalize part of the all-cash purchase of a 172-unit independent living, assisted living and memory care community earlier this year in the Charlotte, North Carolina MSA.
Also in September, Live Oak closed a $47.5 million bridge loan for a Florida-based seniors housing owner. The loan provides bridge-to-sale financing and features a three-year initial term, 24 months of interest-only payments and $4 million in potential future earnout proceeds. Loan proceeds were used to retire existing debt (which was less than the new loan) for a 172-unit independent living, assisted living and memory care community near the Seattle, Washington MSA. Located in the town of Silverdale, the community was built in 2022.
Lastly, Live Oak Bank closed a $54 million bridge loan to retire existing bank debt across four seniors housing campuses in the Phoenix and Prescott Valley MSAs of Arizona. The Arizona-based owner/operator obtained a two-year initial term and 24 months of interest-only payments.
