Live Oak Bank Provides $40m Construction Financing For Assisted Living, Memory Care Community In California

Wilmington, N.C. — Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California. 

Upon completion, the property will feature 140 assisted living and memory care units. 

Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million CPACE loan provided by Nuveen Green Capital. 

A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners is the borrower.

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