Illinois

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AcquisitionsAssisted LivingIllinoisIndependent LivingMemory CareNews

Town Lane, Arcole Acquire 198-Community in Metro Chicago

by Hayden Spiess

LAKE BLUFF, Ill. — Town Lane and seniors housing platform Arcole have acquired The Sheridan at Green Oaks in Lake Bluff, roughly 35 miles outside downtown Chicago.  Town Lane and Kelly Sheehy, who serves as managing partner of the platform, launched Arcole late last year. This marks the fifth senior living investment for Town Lane’s inaugural $1.3 billion real estate fund.  Totaling 198 independent living, assisted living and memory care units, The Sheridan at Green Oaks was built in 2016. The community encompasses more than 220,000 square feet on a 17-acre …

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AcquisitionsIllinoisNews

SVN Chicago Commercial Brokers $6.7M Sale of Illinois Community 

by Hayden Spiess

BOLINGBROOK, Ill. — SVN Chicago Commercial has brokered the sale of McKenzie Falls, a senior living community located in Bolingbrook, roughly 30 miles southwest of downtown Chicago.  An undisclosed buyer acquired the property, which totals 105 units, for $6.7 million.  Reid Bennett, Cody Doran and Dan Short of SVN Chicago Commercial arranged the transaction.  “This was a more intricate transaction given the layered capital stack and various area median income restrictions,” says Doran. “However, our team’s experience navigating complex deal structures, combined with a highly capable and well-capitalized buyer, allowed us …

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FinanceGeorgiaIllinoisNews

Two Senior Lifestyle Communities Undergo Recapitalization

by Hayden Spiess

NORTHBROOK, Ill. and SNELLVILLE, Ga. — Two Senior Lifestyle communities have undergone recapitalization. Senior Lifestyle was the original developer of the communities, which the company continues to operate on behalf of the current ownership.  The communities include North Shore Place in Northbrook, Illinois, and The Sheridan at Eastside in Snellville, Georgia.  North Shore Place was originally opened in 2014 with 156 units. Currently, the property comprises 188 assisted living and memory care residences.  The Sheridan at Eastside totals 214 units situated on a 15-acre campus. Opened in 2019, the community features …

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DevelopmentFinanceIllinoisMemory CareNews

Cambridge Realty Capital Provides $6M Construction Loan for Addition at Central Illinois Community

by Hayden Spiess

PONTIAC, Ill. — Cambridge Realty Capital has provided a $6 million loan to fund the construction of a memory care addition at The Pointe at Pontiac in central Illinois. The borrower is an Illinois-based limited liability company (LLC).  The Pointe at Pontiac currently comprises 60 beds of supportive living, the Illinois version of Medicaid Waiver assisted living. The State of Illinois provides Medicaid funding to seniors age 65 and older who would otherwise not have the resources to reside in an assisted living facility.  In addition to the new memory care …

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AcquisitionsFinanceIllinoisNews

Focus Healthcare Partners Receives Acquisition Financing for 293-Unit Community in Metro Chicago

by Hayden Spiess

BARTLETT, Ill. — Focus Healthcare Partners has received financing for the acquisition and repositioning of Hearthwood Senior Living, a 293-unit senior living community located in Bartlett, roughly 40 miles northwest of downtown Chicago.  Ryan Stoll and Taylor Mokris of BWE arranged the $37 million non-recourse financing on behalf of Focus, which will use the funds to lever its previously all-cash acquisition of the property as well as more than $15 million in capital improvements. Focus plans to refresh the lobby and amenity area and add a bistro, modern theater and new …

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Kristin-Elkjer
Company NewsIllinoisNewsPeople

Evolve Senior Living Appoints Kristin Elkjer Vice President of Operations

by Hayden Spiess

CHICAGO — Third-party seniors housing management company Evolve Senior Living has appointed Kristin Elkjer vice president of operations. Elkjer, who has more than 15 years of senior living leadership experience, previously served as vice president of operations for Jaybird Senior Living. She has also held the roles of regional director of operations for Great Lakes Management, executive director for The Waters, sales director for StuartCo and social services director for the Good Samaritan Society.  “Evolve is positioning for growth in our target Midwest markets, and we are committed to delivering best-in-class …

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FinanceIllinoisNewsSkilled Nursing

MonticelloAM Provides $68M in Financing for Three Skilled Nursing Facilities in Illinois

by Hayden Spiess

NEW YORK CITY — MonticelloAM has provided $68 million in bridge financing for a three-property skilled nursing portfolio located in Illinois.  Loan proceeds will be used the operator of the skilled nursing facilities, which total 746 licensed beds, to refinance existing debt.  Karina Davydov of New York City-based MonticelloAM originated the financing. 

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Company NewsIllinoisNewsPeople

Katie Pitts Joins Charter as Vice President of Marketing 

by Hayden Spiess

NAPERVILLE, Ill. — Katie Pitts has joined owner and operator Charter Senior Living as vice president of marketing.  Pitts brings almost 20 years of experience in the senior living and health care industries. She has previously led marketing and brand strategy for CCRCs in the Midwest and acted as an advisor to multiple senior living organizations.  “Katie’s leadership comes at a pivotal time as we continue to strengthen our marketing capabilities and data-informed strategies,” said Jayne Sallerson, president and COO of Charter Senior Living, in a statement. “Her proven expertise in …

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ArizonaFinanceIllinoisMissouriNewsTennessee

Inland Secures $149M for DST Fund Focused on Senior Living

by Hayden Spiess

OAK BROOK, Ill. — Inland Real Estate Investment Corp. has raised more than $149 million in capital for its private investment offering, National Senior Living Portfolio DST, a Delaware statutory trust sponsored by Inland. Now fully subscribed, the fund has been closed.  The trust currently indirectly owns three senior living communities. Located in Arizona, Missouri and Tennessee, the communities total 635 units. Each of the communities offers independent living, assisted living and memory care. The properties include Clarendale of Chandler in Chandler, Arizona; Clarendale of St. Peters in St. Peters, Missouri; …

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Affordable HousingDevelopmentIllinoisNews

Evergreen Real Estate Group Tops Off 80-Unit Affordable Development in Metro Chicago

by Hayden Spiess

FRANKLIN PARK, Ill. — Evergreen Real Estate Group has topped off Leyden Senior Apartments, an 80-unit independent living development currently underway in Franklin Park, a western suburb of Chicago.  Designed by Weese Langley Klein Architects, Leyden Senior Apartments will feature 72 one-bedroom and eight two-bedroom residences. Units will be reserved for seniors age 62 or older earning at or below 60 percent of the area median income. Pre-leasing is scheduled to begin in spring 2026, with delivery planned for that summer. F.H. Paschen is serving as the project’s general contractor.  Amenities …

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