


Live Oak Bank Branches Out with Two Financings
Live Oak Bank announced its latest closings for a couple of construction projects. First, to build a high-quality, 68-unit assisted living community in Fairbanks, Alaska, the bank provided $15 million in debt for the borrower and developer, Frontier Partners, LLC, which has familiarity in the market. The debt was structured into two loans utilizing the SBA 504 program, including an interim construction loan totaling $10.2 million to be held by Live Oak and a second bridge loan prior to the 504 Debenture totaling $4.8 million. Next, Live Oak closed a $5 million SBA 7a construction loan with a $3.4 million conventional pari-passu loan for Lotus Senior Living to... Read More »
Live Oak Bank and HJ Sims Team Up
Sometimes to get a deal done you have to get creative and be flexible. It appears that was the case for a recent sale of a 55-unit assisted living and memory care community located in Utah. Of the total, 42 units are assisted living and 13 are memory care. Even though capital sources have opened up, to get maximum leverage, if that is what you want or need, your lending groups can get flexible. Live Oak Bank and HJ Sims teamed up to provide the financing solution for the buyer of this community, a regional owner/operator with 15+ years of experience that currently manages more than 1,600 units in more than 25 communities across five states in the Mountain West... Read More »
Columbia Pacific Secures Construction Financing for Virginia Project
Live Oak Bank closed a $26.1 million construction loan for the development of a 126-unit assisted living (90 units) and memory care (36 units) community located in Chesapeake, Virginia. The loan came with a five-year term, but no other details were disclosed. Columbia Pacific Real Estate Fund III, LP is developing the project, which is situated on 6.63 acres. Leisure Care, a consistent partner of CPA, will operate it going forward. This represents Live Oak Bank’s second loan closing with CPA in the last six months. Read More »