Live Oak Bank announced a couple of construction loans closed on behalf of seniors housing borrowers. First, in December, Live Oak Bank provided a $40 million senior loan in partnership with a $39.6 million CPACE loan provided by Nuveen Green Capital for a joint venture between Harbert Senior Housing Fund II and Harbert South Bay Partners. The loan provides financing for the ground-up construction of a 140-unit Class A assisted living and memory care community in California and features a five-year term with 42 months of interest-only payments.
We also learned that Live Oak Bank led, jointly arranged with Huntington National Bank, and closed a construction loan for a joint venture between NexCore Group and Nuveen Real Estate. The loan provides financing for the ground-up construction of a 215-unit Class-A independent living, assisted living, and memory care community in Virginia and features a five-year initial term with 48 months of interest-only payments. BWE arranged the debt.
