Live Oak Bank Provides $29 million Refi for LI Assisted Living Facility
Sculptor Real Estate and Benchmark Senior Living are the project’s sponsors
Sculptor Real Estate, the New York-based CRE arm of Sculptor Capital Management, has secured a $29 million refinancing for Whisper Woods, its 101-unit senior housing property on Long Island, Commercial Observer has learned. Benchmark Senior Living, a Boston-based senior housing operator, is also a partner on the deal.
Live Oak Bank provided the three-year loan, according to sources close to the deal. A JLL Capital Markets team of Joel Mendes, Ted Flagg and Stephen Van Leer arranged the financing on behalf of sponsorship.
The deal marks the first time Live Oak Bank has transacted with either Sculptor Real Estate or Benchmark Senior Living.
“Given the challenges in the capital markets environment, we felt it was important to run a process for this financing, and JLL excelled,” said Jerry Liang, chief financial officer at Benchmark, said in a statement. “We have a longstanding relationship with JLL and continue to be impressed by their diligence and expertise.”
Located at 71 St. Johnland Road in Smithtown, a central Long Island suburb north of Hauppauge, Whisper Woods is an assisted care and memory care community with 101 units and 136 beds. Each unit contains biometric medication safes and handicap accessible bathrooms with roll-in showers to maximize safety for residents.
“Benchmark and Sculptor built and leased a high-quality, well-located seniors housing property in Whisper Woods of Smithtown,” said JLL’s Mendes in a statement.
Brian Pascus can be reached at email@example.com