GREELEY, COLO. — Live Oak Bank has provided an $8.1 million loan for Greeley Village, a 71-unit assisted living and memory care community in Greeley, approximately 50 miles north of Denver.
The borrower is KSL Seniors, a developer/owner with communities in Colorado, Utah, Idaho and Oregon. The 51,000-square-foot community opened during in fourth-quarter 2019. Cadence Senior Living operates the property.
The three- to five-year, floating-rate loan refinanced a construction line of credit, providing bridge-to-permanent financing. It also allowed the borrower to recapture a line of credit capacity to pursue future projects.