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AcquisitionsIllinoisIndependent LivingMemory CareNewsSkilled Nursing

Continuum Brokers $42M Sale of Senior Living Community in Metro Chicago

by Hayden Spiess

BARTLETT, Ill. — Continuum Advisors has brokered the $42 million sale of The Oaks at Bartlett, a senior living community located in Bartlett, roughly 35 miles northwest of downtown Chicago.  Built in 2007, the property totals 283 units, with 10 cottages, 154 independent living apartments, 16 memory care units and 54 skilled nursing units.  Michael Flanagan of Flanagan & Associates served as the receiver for the property, which recently defaulted on its bond obligations. Certus Living has operated the community since the default.  David Kliewer and Jay Jordan of Continuum arranged …

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AcquisitionsIllinoisMarylandMassachusettsNewsPennsylvania

Harrison Street Sells 1,186-Unit Seniors Housing Portfolio to Morgan Stanley 

by Hayden Spiess

CHICAGO — Investment management firm Harrison Street has sold a 1,186-unit seniors housing portfolio to Morgan Stanley Real Estate Investing (MSREI), the private real estate investment arm of Morgan Stanley Investment Management.  Originally acquired by Harrison Street in a joint venture partnership with Brightview Senior Living in 2014, the portfolio comprises eight communities located in the Baltimore, Philadelphia and Boston-Providence metros.  Jay Wagner, Rick Swartz, Aaron Rosenzweig, Tim Hosmer and Sean Kirk of JLL National Seniors Housing Capital Markets brokered the sale on behalf of Harrison Street. Allison Holland and Alex …

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Company NewsIllinoisNews

Ventas, Brookdale Reach Agreement on 120-Community Master Lease

by Hayden Spiess

CHICAGO — Real estate investment trust Ventas, which has a portfolio that features more than 800 seniors housing properties, has reached a new agreement with Brookdale Senior Living regarding the communities covered by the existing master lease between the two companies.  Previously set to expire Dec. 31, 2025, the master lease applies to 120 senior living communities. Earlier this month, Brookdale expressed its intent to allow the lease to expire.  Now, Brookdale will extend its lease on 65 of the communities for a 10-year term with a 38 percent cash rent …

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AcquisitionsIllinoisIndependent LivingNewsSkilled Nursing

SLIB Brokers Sale of 174,194 SF Seniors Housing Portfolio in Northwest Pennsylvania

by Hayden Spiess

WHEATON, Ill. — Senior Living Investment Brokerage (SLIB) has brokered the sale of a seniors housing portfolio totaling 174,194 square feet in northwest Pennsylvania.  Built between 1958 and 2017, the portfolio comprises 315 units across five properties, including independent living, personal care and skilled nursing facility residences.  The portfolio was in receivership at the time of sale. An affiliate of the existing operator acquired the property for an undisclosed price.  Ryan Saul and Toby Siefert of Illinois-based SLIB represented the receiver in the transaction. 

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AcquisitionsAssisted LivingIllinoisIndependent LivingMemory CareNews

Chicago Pacific Founders Sells Seniors Housing Portfolio to Ventas For $725M

by Channing Hamilton

CHICAGO — Chicago Pacific Founders has sold a 20-property seniors housing portfolio to Ventas for $725 million. JLL brokered the all-cash transaction. The portfolio comprises communities in the Sun Belt, Northeast and Midwest markets. Roughly two-thirds of the properties are independent living communities, with the remainder of the assets falling into the categories of assisted living and memory care. The communities are spread across 14 states including Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas. Chicago Pacific Founders owned the portfolio properties in …

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Darrell Baltimore
Company NewsIllinoisNewsOperationsPeople

Covenant Living Communities Names New Chief Operating Officer​

by Channing Hamilton

SKOKIE, Ill. — Covenant Living Communities and Services — a nonprofit, faith-based senior living organization headquartered in Skokie — has hired Darrell Baltimore as chief operating officer.  In his new role, Baltimore will work closely with executive leadership at Covenant Living and with top leadership at each of the organization’s 20 communities across the country to guide operations such as dining services, facilities management, resident life, skilled nursing, assisted living and memory support. His official start date was Oct. 14. Baltimore has more than 25 years of experience in the field …

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FinanceIllinoisNewsSkilled Nursing

MonticelloAM Provides $59.2M in Financing for Skilled Nursing Facilities in Metro Chicago

by Channing Hamilton

CHICAGO — MonticelloAM and its affiliates have provided $59.2 million in bridge and working capital financing for a portfolio of skilled nursing facilities in metro Chicago. Proceeds from the $52.2 million bridge loan were used for the acquisition of three skilled nursing facilities. The $7 million working capital revolver will be used to support the day-to-day operations across the properties, covering over 700 licensed beds.  Karina Davydov, a managing director at MonticelloAM, originated the loan that carries a two-year term with two six-month extensions. “MonticelloAM understands the challenges borrowers are facing …

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The Nation's Largest Not-for-Profit Multi-Site Senior Living Organizations
AcquisitionsFeaturesIllinoisNewsOperations

Latest LZ 200 Report Shows Not-for Profits Growing Mostly Through Campus Expansions, Affiliations, Acquisitions

by Channing Hamilton

CHICAGO — Not-for-profit senior living providers have grown primarily through community expansions from existing campuses as well as affiliation and acquisition activity, according to the 21st Annual LeadingAge Ziegler (LZ 200) report.  Developed annually through a partnership between LeadingAge and Ziegler, the report is a ranking and analysis of the nation’s 200 largest not-for-profit senior living organizations across the country as of Dec. 31, 2023.  Nearly 30 percent of the total number of units for all senior living systems among this year’s LZ 200 are represented by the 10 largest …

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AcquisitionsIllinoisNews

SLIB Negotiates Sale of Two-Property Portfolio in Southern Illinois

by Jeff Shaw

QUINCY and CENTRALIA, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cedarhurst of Quincy and Cedarhurst of Centralia, both located in the southern portion of Illinois.  Quincy is licensed as a Supportive Living Program (SLP) community with 56 units and Centralia is an all-private-pay, 16-unit memory care community.  The seller developed, owned and operated both properties. The buyer was an Illinois-based owner-operator with an existing presence in the state and familiarity with SLP. The price was not disclosed. Ryan Saul and Jeff Binder led the transaction …

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AcquisitionsIllinoisMemory CareNews

Blueprint Brokers Receivership Sale of 42-Unit Gurnee Place Memory Care in Illinois

by Jeff Shaw

GURNEE, Ill. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Gurnee Place Memory Care, a 42-unit memory care community located in Gurnee, approximately midway between Chicago and Milwaukee.  Blueprint was engaged by a receiver to maximize proceeds for the bank and stakeholders involved. At the time of marketing, the community was 90 percent occupied and cash-flowing. Blueprint marketed the opportunity by promoting the upside of the strong performance trends and implementing minor expense efficiencies through regional operations. The buyer was a Minnesota-based private equity firm previously focused …

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