- Founded in 2009, Sabal Investment Holdings is a real estate investment manager headquartered in Irvine, California and serving institutional investors across the U.S.;
- Headquartered in Los Angeles, 12 North Capital is a premier senior housing investment firm, dedicated to creating supportive communities for aging populations;
- The $20m loan will fund the acquisition of a non-performing loan secured against the three sites in Leesburg and Warrenton, Virginia and San Antonio, Texas;
- Offering a total of 200 ensuite rooms, the sites offer a variety of amenities, including spacious common areas, gardens, libraries, concierge services, and fitness classes.
New York, 11 June, 2025: OakNorth, the leading digital bank for entrepreneurs, by entrepreneurs, has provided a $20m loan to support the latest acquisition project from Sabal Investment Holdings and 12 North Capital LLC.
Founded in 2009, Sabal Investment Holdings is a real estate investment manager headquartered in Irvine, California and serving institutional investors across the U.S. With assets under management totaling over $1.7b across its six sponsored funds, its fully integrated team has the experience and expertise to identify, underwrite, structure and close investment opportunities throughout the capital stack. Founded by Frank Small and headquartered in Los Angeles, California, 12 North Capital is a premier senior housing investment firm, dedicated to creating high-quality, safe, comfortable, and supportive communities for aging populations. With the ability to invest across the acuity spectrum, 12 North leverages its extensive expertise and longstanding relationships to deliver superior returns for investors, while prioritizing the well-being of residents.
The $20m loan will fund the acquisition of a non-performing loan secured against three Class A purpose-built memory care facilities in Leesburg and Warrenton, Virginia and San Antonio, Texas. Offering a total of 200 ensuite rooms across 112,5k sq. ft of land, the sites offer a variety of amenities, including spacious common areas, gardens, libraries, book clubs, salon / barber facilities, concierge services, and fitness classes.
Tal Seder, Managing Director at Sabal Investment Holdings, commented on the transaction: “This opportunity fit squarely within our strategy of acquiring non-performing loans backed by high-quality collateral. Having previously worked with OakNorth on complex real estate transactions, we knew Dylan Jagjivan and the team could move decisively and transparently without delay. Their support gave us the capital flexibility to complete this acquisition, and we look forward to the long-term success of the investment.”
Frank Small, Founder and Managing Principal of 12 North Capital, said: “Our investment philosophy centers on acquiring overlooked, operationally sound assets with clear recovery paths. This acquisition project is a rare opportunity to gain control of three very well located, Class A facilities in growth markets. OakNorth’s knowledge of the specialist care market and ability to structure and execute bespoke solutions with speed, made them a natural funder for this deal.”
Max Ralby, Senior Managing Director at Newmark: “We are thrilled to have represented Sabal and 12North on this transaction on what is sure to be a tremendous deal for their ongoing partnership. Their track record of navigating complex and special situations within the senior housing and health care sectors made the lending community confident in their business plan with this portfolio. We want to recognize the entire OakNorth team for understanding the nuances of the transaction and providing a great execution under a tight timeline in a volatile time in the market.”
Dylan Jagjivan, Director of Debt Finance at OakNorth, added: “This transaction reflects the type of forward-looking, credit-anchored deals we want to be closing across the U.S. We’re delighted to be working with proven companies like Sabal and 12 North, that also have strong and experienced management teams and look forward to supporting them both on future JV projects moving forward.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £1m-£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $17bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 56,000 jobs, and over 34,000 new homes across the UK and the US – the majority of which are affordable and social housing.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
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