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SARATOGA SPRINGS, N.Y. — Live Oak Bank has provided a $5.8 million loan to refinance Home of the Good Shepherd Saratoga in Saratoga Springs, approximately 30 miles north of Albany.
Home of the Good Shepherd is a faith-based, nonprofit operator with four communities in Upstate New York.
The loan will refinance the Saratoga location’s 42-unit memory care facility. The property was temporarily closed and extensively renovated in 2017, and has since reopened, leased up and fully stabilized.
The five year, floating-rate, balance-sheet loan allowed the borrower to consolidate debt and position itself for future permanent financing options.