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AcquisitionsAssisted LivingIllinoisMemory CareNews

SLIB Arranges Sale of 13-Property Portfolio in Georgia, South Carolina

by Hayden Spiess

WHEATON, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a senior living portfolio totaling 13 properties in Georgia and South Carolina. Built between 1989 and 2014, the communities total 672 units, with 492 assisted living units and 180 memory care units.  SLIB represented the undisclosed seller in the transaction A Southeast-based operator acquired the portfolio for an undisclosed price. The buyer plans to implement a repositioning strategy to stabilize the assets.  Brad Clousing, Dan Geraghty and Jeff Binder of SLIB negotiated the transaction. 

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Company NewsFinanceIllinoisNews

Blueprint Acquires MidCap’s HUD Lending Platform

by Hayden Spiess

CHICAGO — Blueprint Healthcare Real Estate Advisors has acquired MidCap Financial Services’ FHA/HUD lending platform, marking a significant expansion of its Capital Markets practice.  Through the acquisition, Blueprint will be able to offer clients long-term financing solutions. According to the company, Blueprint plans to offer buyers acquisition financing and provide its broader client base with refinancing solutions.  Tony Marino has been appointed to lead the platform as senior managing director. Ramona Mitchell will serve as chief underwriter. Blueprint will also onboard the existing MidCap team, including Brian Therkildsen and Yvonne Redd.  …

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DevelopmentIllinoisIndependent LivingNews

Presbyterian Living Underway on 172,000 SF Expansion at Community in Metro Chicago

by Hayden Spiess

ARLINGTON HEIGHTS, Ill. — Presbyterian Living is underway on an expansion project at its campus in Arlington Heights, roughly 25 miles northwest of downtown Chicago.  Upon completion, the 172,000-square-foot expansion will add 70 independent living apartments to The Moorings of Arlington Heights. Designed by Perkins Eastman, the new residences will range from 1,050 to 1,900 square feet, with one- and two-bedroom floorplans.  New amenities featured in the expansion will include walking paths, a larger pond, sitting area and outdoor space.  Skender is serving as the general contractor for the project, which …

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AcquisitionsAssisted LivingIllinoisIndependent LivingMemory CareNews

Town Lane, Arcole Acquire 198-Unit 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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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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