CHICAGO — CBRE has arranged an undisclosed amount of financing for the construction of Belmont Village Lincoln Park, a 149-unit assisted living and memory care community in the Chicago submarket of Lincoln Park.
A joint venture between Belmont Village Senior Living and Harrison Street Real Estate Capital is developing the project, which is part of the master-planned redevelopment of the Children’s Memorial Hospital. The seniors housing property will occupy a historic building at the hospital, which Harrison Street acquired in June 2016.
The full redevelopment project, known as Lincoln Commons, will include 540 apartments in two 11-story buildings, 60 luxury condos and 162,000 SF of retail once completed.
Aron Will of CBRE National Senior Housing secured the four-year, floating rate, nonrecourse loan for the seniors housing project. BMO Harris Bank provided the capital.
Belmont Village is a developer, owner and operator of assisted living and memory care properties, with a portfolio of 3,400 operating units and 800 more under development.
Harrison Street is a real estate investment management firm exclusively focused on the education, healthcare and storage sectors. The company has approximately $12.2 billion in assets under management.