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SOUTH ELGIN, JONESBORO and MACOMB, Ill. — Pillar, a multifamily and healthcare lender, has originated $9.9 million in loans to refinance three skilled nursing facilities in Illinois.
The three loans consist of $5.4 million for an 80-unit property in South Elgin, $2.3 million for a 76-unit property in Jonesboro and $2.2 million for a 56-unit property in Macomb.
The borrower is Petersen Health Care, one of the largest seniors housing owner-operators in the state. The names of the specific facilities were not disclosed.
All three HUD-insured loans feature a fixed rate, 30-year term and 30-year amortization schedule. Evan Hom of Pillar’s New York office originated the loans.