BARTLETT, Ill. — Clare Oaks, a continuing care retirement community in the Chicago suburb of Bartlett, has changed its name to The Oaks at Bartlett and announced changes to its leadership team. ER Senior Management, which was appointed as the senior living community’s operator at the end of 2020, led the changes. Tim Lynch will take over the community as executive director. With more than 20 years’ experience in the healthcare and senior living fields, Lynch began his career as a physical therapist and has held management positions in hospitals …
SOUTH ELGIN, Ill. — Spectrum Retirement Communities has opened Silver Glen Senior Living, a 180-unit independent living, assisted living and memory care community in South Elgin, approximately 35 miles west of Chicago. With COVID-19 restrictions and precautions still in place, the community is hosting a virtual and drive-by Grand Opening event on March 20. The first residents have already moved in.
PROSEPECT HEIGHTS, Ill. — Health Dimensions Group (HDG) has taken over the management, oversight, and repositioning of Brookdale Prospect Heights, while rebranding the property as Dimensions Living Prospect Heights. HDG provides management and oversight for 38 senior care and living communities in eight states, serving more than 2,000 residents and overseeing more than 2,000 team members.
O’FALLON, Ill. — Premier Senior Living has unveiled plans to bring its new Revela brand to the St. Louis, Missouri, suburb of O’Fallon. Revela of O’Fallon will feature 60 units of assisted living and 32 units of memory care in an 89,000-square-foot building. Groundbreaking is scheduled for February 2021, for completion in April 2022. Revela of O’Fallon will anchor new development on the eastern edge of O’Fallon as part of a 26-acre, mixed-use project featuring office and residential uses. “This project already addresses a goal frequently discussed within our 2040 …
ILLINOIS — Ziegler served as exclusive capital structuring advisor in a $49.4 million debt placement on behalf of Symphony Care Network to finance the acquisition of a portfolio of four skilled nursing properties and one assisted living property in Illinois. Symphony has operated the Portfolio since 2012, which consists of 616 licensed skilled nursing beds and 109 assisted living units. Symphony’s overall portfolio totals 29 properties throughout Illinois, Indiana, Wisconsin and Michigan. The financing consists of two tranches: a $44.4 million senior secured term loan and a $5 million asset-backed …
BARTLETT, Ill. — Clare Oaks, a continuing care retirement community (CCRC) in the Chicago suburb of Bartlett, has emerged from Chapter 11 bankruptcy with $40 million in reduced debt and plans for a $5 million capital improvement project. The property opened in 2008, but declared bankruptcy in June 2019. The process reduced its debt from $86 million to $46 million, and also installed a new operator in ER Senior Management IL LLC and a new board of directors led by Julie Boggess. “The goal of this rigorous process was to …
CAROL STREAM, Ill. — Covenant Living Communities and Services has started construction of a $21 million expansion project at Covenant Living at Windsor Park in Carol Stream, approximately 25 miles west of Chicago. The project will add 36 new assisted living residences and a new rehabilitation area for physical and occupational therapy. It will also include an HVAC system designed for air purification and improved indoor air quality. In addition to new assisted living apartments, there will also be renovations to the existing Windsor Park Manor at Covenant Living with …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of 21 skilled nursing facilities in the Midwest. The transactions represented the exit from the long-term care industry of a a regional owner-operator. The portfolio consisted of three separate transactions for each state — Indiana, Iowa and Illinois. The combined purchase price for all three transactions was $86 million, or $54,0000 per functional bed/unit. The Indiana portfolio consisted of 11 communities totaling 751 licensed skilled nursing beds and 109 senior living units. At the time of …
EVANSTON, Ill. — Evergreen Real Estate Group and CJE SeniorLife have started construction of Evanston Senior Housing, a 60-unit affordable seniors housing community approximately 12 miles north of downtown Chicago in Evanston. The four-story, 73,017-square-foot building will be located next to the existing CJE SeniorLife Adult Day Services center. 1015 Howard LP, a partnership that includes CJE SeniorLife, Evergreen and U.S. Bancorp Community Development Corp., will own the property upon completion. Development costs are estimated at $25 million. “It is unusual to have affordable senior housing and support services paired …
PALATINE, WAUKEGAN, ELGIN and CHICAGO, Ill. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed facility in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed facility in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment …