MASON, Ohio — Live Oak Bank has provided a $6.9 million conventional construction loan for a 41-unit assisted living and memory care development in Mason, a suburb of Cincinnati.
Berengaria Development, the real estate arm of Marcus Investments, a family office based in the Midwest, is building the community. The property will feature 23 assisted living units and 18 memory care units.
The five-year, balance-sheet loan features a 24-month interest-only period to accommodate construction and lease-up, followed by a 25-year amortization.
BrightStar Senior Living, an affiliate of BrightStar Care, will lease and operate the community. Brightstar Care is a privately held franchisor and operator of home care and medical staffing businesses, with over 300 locations nationwide. BrightStar is in the early stages of building on its seniors housing strategy. Live Oak Bank has also provided financing for several Brightstar Care franchisees operating in the home care space over the last two years.