Live Oak Bank Provides $8.5M Construction Financing for Project in Reidsville, North Carolina

REIDSVILLE, N.C. — Live Oak Bank has provided an $8.5 million construction loan for development of a 58-unit independent living and assisted living project in Reidsville, located north of Greensboro near the Virginia border.

The borrower, ALG Senior, has controlled a Certificate of Need necessary to operate assisted living within the county for many years. Following an extensive search, ALG identified and acquired a 12.5-acre site for development.