Live Oak Bank Provides $8.4M Construction Financing for Hotel Conversion in Wadsworth, Illinois

WADSWORTH, Ill. — Live Oak Bank has provided a $5 million SBA 7a construction loan with a $3.4 million conventional pari-passu loan for Lotus Senior Living.

The funds will be used for the conversion of an existing hotel into a 74-unit assisted living and memory care facility.

Located in Wadsworth near the Wisconsin border, and originally built in 1999 as an extended stay hotel, the three-story building consists of 60,066 square feet situated on 1.4 acres overlooking a golf course.

Ashbury Healthcare, a regional operator with a current portfolio of five properties under management, two of which were hotel conversions, will operate the property.