For anyone who has wondered which banks are actively lending in this capital markets environment, Live Oak Bank has been on a tear in the last few weeks, closing more than six transactions recently. The latest three were bridge loans closed on behalf of seniors housing owners in three states in the Southeast.
First was an $8.5 million bridge loan for a joint venture between Manor Lake Development and Buligo Capital Partners. The loan features a three-year initial term and 24 months of interest-only payments before the borrowers expect to refinance with an agency. Loan proceeds were used to recapitalize partnership notes for an 82-unit assisted living/memory care community in the Atlanta, Georgia MSA.
Next, Live Oak closed a $23 million bridge-to-agency loan for a joint venture between Buvermo Investments and Meridian Senior Living. The loan features a three-year initial term, 24 months of interest-only payments, and provides $6 million in potential future earnout proceeds. The borrowers refinanced existing bank debt on a 176-unit independent living, assisted living and memory care community in the Orlando, Florida MSA.
Finally, for now at least, the bank provided a $41 million bridge loan to a Mississippi-based owner/operator of seniors housing communities. The bridge-to-sale loan features a three-year initial term, 18 months of interest-only payments, and $4.5 million in potential future earnout proceeds. Loan proceeds were used to refinance bank debt and pay down preferred equity for a 213-unit independent living, assisted living, and memory care community in the New Orleans, Louisiana MSA.
