SPRINGFIELD, Ill. — Cambridge Realty Capital Cos. has provided a $7.4 million HUD-insured loan for the Springfield Supportive Living Center, a 127-bed assisted living facility in Springfield, Illinois. Cambridge Realty Capital Ltd. of Illinois, Cambridge’s specialists in FHA-insured HUD loans, underwrote the loan. Further details were not disclosed.
PONTIAC, Ill. — HJ Sims has arranged financing for a $32 million expansion project at Evenglow Lodge, a continuing care retirement community in downtown Pontiac, approximately 95 miles southwest of Chicago. The United States Department of Agriculture (USDA) is providing the majority of the funds. In accordance with USDA’s requirements, proceeds of the financing will be used for the construction of 76 replacement assisted living units, common space and other space used by the health center, as well as for the demolition of the existing assisted living structure. Opened in …
Lifespace Breaks Ground on Independent Living Expansion at Oak Trace CCRC in Downers Grove, Illinois
DOWNERS GROVE, Ill. — Lifespace Communities has broken ground on an expansion project at Oak Trace, a nonprofit continuing care retirement community in the Chicago suburb of Downers Grove. The expansion is Phase II of a $112 million reinvestment project at the community. The first phase, which converted some units to assisted living to complete the continuum of care, was completed in 2019. Phase II will add 145 independent living apartments, bringing the total from 232 to 377. It is scheduled for completion in 2023. In addition to increasing the …
CHICAGO — Ziegler, a Chicago-based investment bank, has arranged $24 million in financing for Wisconsin Illinois Senior Housing (WISH), a nonprofit owner-operator. The financing comprises $22.5 million of tax-exempt bonds directly purchased by BMO Harris Bank, along with a $1.5 million taxable term loan. Proceeds of the financing will be used to refinance a series of WISH’s outstanding bonds, pay an associated prepayment penalty and pay costs of issuance. The bonds were issued through the Wisconsin Health and Educational Facilities Authority. WISH, an Illinois corporation organized in 1994, currently owns …
PONTIAC, Ill. — Cambridge Realty Capital Cos. has provided a $7.4 million HUD-insured loan for Pontiac Supportive Living, a 60-bed supportive living facility located in Pontiac, approximately 90 miles southwest of Chicago. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge chairman. Further details were not disclosed.
LONG GROVE, Ill. — Minnesota-based New Perspective, through its Purpose First Partners venture with Boldt Capital, has acquired Arboria of Long Grove, a seniors housing community in the Chicago suburb of Long Grove. The property will be rebranded New Perspective Long Grove. The building includes 60 assisted living apartments and 40 memory care apartments. New Perspective is managing and operating the Long Grove location. The company also operates a community in nearby Silvis.
OAK BROOK, Ill. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.
DECATUR, Ill. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired The Imboden Creek Living Center, Gardens and Villas, a skilled nursing campus in Decatur, approximately midway between Chicago and St. Louis. The campus features 95 licensed skilled nursing beds, 46 assisted living units and five independent living units. The acquisition was a “tack-on” to CareTrust’s existing eight-property master lease with Harrisburg-based operator WLC Management Firm LLC, which will replace the outgoing operator. CareTrust’s initial investment in the facility, inclusive of capital expenditure commitments and transaction costs, was approximately $13.1 million. …
OAK LAWN, Ill. — Anthem Memory Care has named Dashira Contreras as executive director for Grace Point Place, a community in Oak Lawn, a suburb of Chicago. Contreras previously was director of resident care at The Carrington of Lincolnwood in Lincolnwood. She also served as director of memory care for The Carrington. She brings over 10 years of senior living experience to this position. She earned a medical assistant degree from Lincoln College of Technology in Melrose Park. In addition, Contreras is a certified dementia practitioner and a Montessori dementia …
JERSEYVILLE, Ill. — Spellman Brady & Company (SBC) and O’Toole Design have completed interior design work for the newly constructed Hawthorne Inn, an assisted living facility in Jerseyville, approximately 40 miles north of St. Louis. Liberty Village owns and operates the property. Spellman Brady was responsible for the selection, procurement and installation of the project’s furniture, artwork and accessories, in addition to serving as the senior living design consultant for the team. O’Toole handled the interior design and color palette finishes.