Live Oak Provides $28.5M Construction Financing for Independent Living Expansion in Salem, Oregon

SALEM, Ore. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland.

The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019.

The expansion will total 147,000 square feet on an 8.9-acre plot.