O’FALLON, Ill. — Premier Senior Living has opened Revela at O’Fallon in O’Fallon, an eastern suburb of St. Louis. The property totals 92 units of independent living, assisted living and memory care in an 89,000-square-foot building. St. Louis Design Alliance designed the project, which Poettker Construction built. Premier Senior Living is the operator.
MAYWOOD, Ill. — Skender has completed construction of Maywood Supportive Living, an adaptive reuse seniors housing project in the Chicago suburb of Maywood. The 133,000-square-foot assisted living facility for low-income seniors features 100 units. Developer Celadon Partners hired Skender as general contractor to transform the former Central Baptist Home, which has been on the State of Illinois National Register of Historic Places since 2017. Skender stripped the historic building down to its structure to add modern amenities while taking care to preserve and restore its natural architectural detail. Built in …
PARK RIDGE, BRIDGEVIEW and ELGIN, Ill. — Walker & Dunlop Inc. has structured $57.6 million in HUD-insured loans for the refinancing of three skilled nursing facilities in Illinois. The first transaction consisted of a $15.6 million loan for Avantara Park Ridge, a 154-bed community in Park Ridge. Walker & Dunlop also arranged a $28.7 million loan for Moraine Court Supportive Living, a 185-bed community in Bridgeview, and a $13.3 million loan for Aperion Care Elgin, a 101-bed property in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. …
PERU, Ill. — Associated Bank has provided $6 million in financing for construction of the Diamond Senior Apartments, a seniors housing community in Peru, located along the Illinois River approximately midway between Chicago and the Iowa border. The borrower is 3 Diamond Development. The project includes 56 units in 10 single-story residential buildings. All units are restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to households earning less than 30 percent of the area median income (AMI), and the remaining 44 units will …
BELLEVILLE, Ill. — The Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group have completed construction of Lofts on the Square, an affordable housing community in Belleville, a suburb of St. Louis. The $14.2 million project was a historic rehabilitation of a 90-year-old building downtown Belleville’s public square. The property’s 47 units were fully preleased before the opening. The asset also features more than 3,000 feet of street-level commercial space that remains available for lease by retailers and restaurants. The six-story building opened in 1931 as the Hotel Belleville. It …
BELLWOOD, Ill. — Evergreen Real Estate Group has broken ground on Bellwood Senior Apartments, an 80-unit affordable rental community in the western Chicago suburb of Bellwood. The $30 million project will replace a former Walgreens with a four-story, 73,228-square-foot residential building. Professionally operated by Evergreen’s in-house management team, Bellwood Senior Apartments will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors age 62 or older, with incomes at or below 60 percent of the area median income. Evergreen will begin accepting applications for the apartments in spring 2023, …
ALGONQUIN, Ill. — McShane Construction Co. has completed construction of The Oaks at Algonquin, a 166-unit independent living, assisted living and memory care community in Algonquin, approximately 40 miles northwest of Chicago. Spectrum Retirement Communities is the developer of the three-story building. Vessel Architecture designed the property. Spectrum received local approval for the project in 2018, and construction began in 2020.
SPRINGFIELD, Ill. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Bickford of Springfield, a 67-unit independent living and assisted living community in Springfield. A publicly traded REIT sold the asset to Trustwell Living for an undisclosed price. Built in 2005, the historically cash-flowing community experienced operational challenges following industry-wide COVID headwinds. Through a targeted refresh effort and enhanced marketing, the community was offered as a value-add opportunity for incoming investors with a presence in the market.
PHOENIX, ORLANDO and CHICAGO — The Walker & Dunlop seniors housing team has arranged three acquisitions with three different institutional partners. The transactions totaled over $150 million across 419 independent living, assisted living and memory care units. The assets are located in the Phoenix, Orlando and Chicago metro area. Walker & Dunlop’s Tony Cassie and Sam Thompson provided advisory services and facilitated the Arizona sale, while Brett Gardner, Joshua Jandris and Mark Myers provided advisory services and facilitated the Florida and Illinois sales.
EVANSTON, Ill. — Evergreen Real Estate Group and the Council for Jewish Elderly (doing business as CJE SeniorLife) have opened Ann Rainey Apartments, a 60-unit affordable seniors housing community in Evanston, a northern suburb of Chicago. The $25 million project is next to the existing CJE SeniorLife Adult Day Services center, which provides programming and socialization opportunities for seniors who require supervision during the day. The new residential community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades and is credited …
