Showing off its versatility, Live Oak Bank facilitated acquisition financing for two separate, and very different, transactions. First, the bank provided a cash flow balance sheet loan to support a partner buy-out at Frontier Management. Formation Capital had owned a 50% stake in the senior living operator, but with this transaction, Frontier’s founder and CEO, Greg Roderick, became the sole owner. Established in 2000, Frontier now operates 80 communities with over 6,000 independent living, assisted living and memory care units across 12 states.
Second, Live Oak Bank provided a $5 million SBA 7a loan for local operator in Utah to acquire two small assisted living communities in the town of Millcreek (Salt Lake City MSA). Built in the last five years, the communities featured just 20 and 24 units, respectively, but were fully stabilized. The borrower operates the communities under the BeeHive Homes brand and manages six others throughout the state. The loan, which features a fully amortizing 25-year term, was sourced by Live Oak Bank with collaboration from Brady Johnson (a Salt Lake City native) of Hunt Real Estate Capital.
