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SEATTLE — Live Oak Bank has provided a $2.2 million loan for the acquisition of an assisted living community in a northern suburb of Seattle.
The community features 12 beds across two adjacent buildings. The boutique community has monthly rents between $6,000 and $10,000. A husband-and-wife team, one of which is a longtime employee at the community, acquired the property from an undisclosed seller.
The SBA loan features 90 percent loan-to-cost ratio.