Live Oak Bank ended 2021 by closing three loans for senior care clients totaling over $50 million. First, Mississippi-based Claiborne Senior Living received a $33.5 million loan to facilitate a partner buyout for a Class-A, 213-unit independent living, assisted living, and memory care community built in 2017 in Baton Rouge, Louisiana. Claiborne took over management in early 2021 and added net 41 residents YTD through November 2021, or more than three residents per month. Locust Point Capital partnered with Claiborne to complete the capital stack. Approximately $1.8 million in loan proceeds will support capex improvements, enhanced programming, and a marketing campaign to rebrand the property under Claiborne Senior Living.
Live Oak also closed an $11.7 million refinance for Oklahoma City-based Mansions Senior Living. The transaction took out existing debt on an 88-unit assisted living/memory care community in Peachtree Corners, Georgia which originally opened in 2019. The property was still leasing up when the COVID-19 pandemic began, for which the subject loan will allow additional time. That is so often the case for new communities these days, which likely targeted a permanent refinance after a few years but are simply not ready and need a temporary bank solution.
Finally, Live Oak closed a $6.5 million refinance loan for a private owner of a 60-unit assisted living/memory care community built in 2017 in Twin Falls, Idaho. The loan took out existing construction debt while giving the property more time to improve and sustain stabilized performance before obtaining a permanent mortgage.
