Live Oak Bank and Locust Point Capital collaborated to close a $28 million construction loan through an A/B unitranche product for a partnership between RhodesMoore, a San Diego, California-based developer, and Portland, Oregon-based operator Frontier Management, LLC. The financing will support the ground-up construction and lease-up of a Class-A, 81-unit assisted living/memory care community in the Clairemont neighborhood of San Diego.
Called Mt. Acadia, the urban infill development will consist of a 73,000-square-foot building, a 32-space parking deck and 29 surface parking spaces on 1.52 acres. In addition, there will be a 4,440-square foot commercial building with four bays. No other details on the construction financing were disclosed.
