OakNorth Provides $20 Million Loan to Support Senior Housing Acquisition in the U.S.
OakNorth, the UK-based digital bank specializing in lending to entrepreneurs, has extended a $20 million loan to a joint venture between Sabal Investment Holdings and 12 North Capital. The financing facilitates the acquisition of a non-performing loan secured by three Class A memory care facilities located in Leesburg and Warrenton, Virginia, and San Antonio, Texas.
The acquired properties comprise 200 ensuite units across approximately 112,500 square feet and include amenities such as libraries, fitness classes, concierge services, and landscaped gardens designed to enhance resident well-being. This acquisition reflects the growing demand for specialized senior living facilities driven by the aging U.S. population.
Sabal Investment Holdings, headquartered in Irvine, California, manages over $1.7 billion in assets across multiple funds, focusing on identifying and structuring compelling real estate investment opportunities. 12 North Capital, based in Los Angeles, is a senior housing investment firm committed to creating high-quality, supportive communities for aging populations.
Tal Seder, Managing Director at Sabal Investment Holdings, noted, “This opportunity aligns with our strategy of acquiring non-performing loans backed by strong collateral. OakNorth’s ability to provide capital swiftly and transparently was instrumental in completing this transaction.” Frank Small, Founder and Managing Principal of 12 North Capital, added, “OakNorth’s expertise in the specialist care market and rapid execution made them a natural funding partner for this acquisition.”
Dylan Jagjivan, Director of Debt Finance at OakNorth, commented, “This transaction exemplifies the forward-looking, credit-anchored lending approach we seek in the U.S. market. We are pleased to support established operators like Sabal and 12 North and look forward to future collaborations.”
