Live Oak Funds $15M Construction Loan for Seniors Housing Community in Fairbanks, Alaska
FAIRBANKS, ALASKA — Live Oak Bank has provided a $15 million construction loan for owner-operator Frontier Partners LLC to support the development of a 68-unit assisted living community in Fairbanks.
The community will consist of 50,680 square feet and will be situated on 7.8 acres.
The debt was structured into two loans utilizing the SBA 504 program. The interim construction loan will be held by Live Oak Bank in the amount of $10.2 million, and the second bridge loan prior to the 504 Debenture will be in the amount of $4.8 million.