Live Oak Bank’s Construction Lending Spree
There’s no doubt that construction lending has slowed, and the loans that do close are much more conservative and now almost always require some sort of recourse. Nevertheless, Live Oak Bank closed three construction financings in December alone, capping off a successful year for the bank’s senior care lending platform. First was an $8.5 million loan for a to-be-built senior living community in Reidsville, North Carolina. ALG Senior had controlled a Certificate of Need to operate assisted living in the county for many years and eventually purchased a 12.5-acre site. The community will feature 58 units and 75 beds of both independent living and assisted living, and... Read More »
Live Oak Bank Announces Two SBA Loan Closings
SBA lender Live Oak Bank has been hard at work recently arranging coronavirus relief loans through the Paycheck Protection Program, but the bank also announced a couple of SBA loans that closed earlier this year. First, Live Oak secured acquisition financing for a partnership to buy a 37-unit assisted living community in the town of Shohola, Pennsylvania (in the northeastern part of the state near the New York border). Previously owned and operated by a local individual, the stabilized community was built in 1990 on a 16-acre site. It is the first property directly owned by the acquirer. To fund the deal and limit the equity requirement of the borrowers, Live Oak provided a $5.2 million... Read More »
Live Oak Bank Reports Lively Quarter
Live Oak Bank was hard at work in the third quarter, closing three loans on behalf of senior care clients across the country. First, on behalf of a joint venture between Smith/Packett and RSF Partners, the lender closed a $6.2 million commitment for a conventional refinance of a 136-bed skilled nursing facility in Parksley, Virginia (Eastern Shore). Smith/Packett had originally acquired the community from a local hospital in 2017, bringing in Saber Healthcare to operate the property under a lease agreement. In the last couple of years, the firm has invested millions in renovating the property. And now, the time has come to refinance. Live Oak then closed a $3.3 million SBA 7a construction... Read More »
Live Oak Bank Closes Two Balance Sheet Loans
Utilizing its balance sheet lending program, Live Oak Bank closed two conventional loans on behalf of senior living clients. Adam Sherman led the way on both transactions. The first was arranged for a to-be-built assisted living/memory care community in Mason, Ohio being developed by Berengaria Development, the real estate arm of Marcus Investments. There will be 23 AL and 18 MC units, with BrightStar Senior Living, an affiliate of home health care provider BrightStar Care, leasing and operating the property upon completion. The project received a $6.9 million loan, with a five-year term, 25-year amortization and 24 months of interest only payments to accommodate the construction and... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
