161
BATON ROUGE, La. — Live Oak Bank has closed a $33.5 million loan for Claiborne Senior Living.
The financing facilitated a partner buyout for a Class A, 213-unit independent living, assisted living and memory care community, built in 2017 and located in Baton Rouge.
Claiborne Senior Living took over management of the property at the beginning of 2021, and has since added net 41 residents through November 2021. Locust Point Capital partnered with Claiborne to complete the capital stack, providing a preferred equity investment.
Approximately $1.8 million in loan proceeds will support capital expenditure improvements, enhanced programming and a marketing campaign to rebrand the property under the Claiborne Senior Living umbrella.