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Illinois

Assisted LivingFinanceIllinoisNews

Cambridge Provides $15.5M HUD Refinancing for The Pointe at Eastgate in Algonquin, Illinois

by Jeff Shaw

ALGONQUIN, Ill. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan to refinance The Pointe at Eastgate in Algonquin, approximately 45 miles northwest of Chicago.  The borrower is a limited liability company in Illinois. The community is an assisted living community that specializes in the transition between independent living and skilled nursing. The undisclosed number of units are all private. Brent Holman-Gomez led the financing for Cambridge. The loan features a fully amortizing, 35-year term.

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FinanceIllinoisNews

Greystone Monticello Arranges $16.7M Bridge Financing for Seniors Housing Acquisition in Illinois

by Jeff Shaw

ILLINOIS — Greystone Monticello has arranged a $16.7 million bridge loan for the acquisition of a seniors housing property in Illinois.  The property comprises independent living, assisted living and memory care units.  The bridge financing carries a two-year term with two six-month extensions. Karina Davydov originated the loan.

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CCRCDevelopmentIllinoisNews

Lifespace Completes $112M Expansion at Oak Trace in Downers Grove, Illinois

by Jeff Shaw

DOWNERS GROVE, Ill. — Lifespace has completed a $112 million expansion project at Oak Trace, a seniors housing community in Downers Grove, approximately 20 miles west of Chicago. The new building completed as the third and final phase of the project features 140 new luxury independent living apartments; a state-of-the-art fitness and aquatic center; a performing arts center; multiple restaurant-style dining venues; a salon and spa; and an upscale style coffee shop. The first phase of the renovation and expansion project, completed in 2019, was the creation of Oak Trace’s …

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AcquisitionsAssisted LivingIllinoisNews

Berkadia Arranges Sale of 45-Unit Community in Barrington, Illinois

by Jeff Shaw

BARRINGTON, Ill. — Berkadia has arranged the sale of a 45-unit assisted living and memory care community in Barrington, approximately 35 miles northwest of downtown Chicago.  The Berkadia team of Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders represented the seller, a publicly traded REIT. A regional owner-operator acquired the property for an undisclosed price. Further details were not disclosed.

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AcquisitionsIllinoisNews

Blueprint Brokers Sale of Three-Property Value-Add Portfolio in Metro Chicago

by Jeff Shaw

CHICAGO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of three value-add seniors housing communities in western suburbs of Chicago. Opened between 1994 and 2000, the portfolio consisted of three geographically clustered communities, with two distinct managers, offering approximately 290 assisted living and memory care units and approximately 40 Medicare-only skilled nursing units.  The communities struggled post COVID and presented a meaningful value-add opportunity, despite some recent capital improvements. Ultimately, the seller elected to divest the communities to preserve liquidity and simplify the portfolio. The buyer was a …

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FinanceIllinoisNewsSkilled Nursing

CFG Funds $13.6M Refinancing for Two Skilled Nursing Facilities in Illinois

by Jeff Shaw

ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois.  The facilities accommodate a total of 173 beds. Further details were not disclosed. Tim Eberhardt and Ava Julio originated the transaction for CFG.

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AcquisitionsIllinoisNewsSkilled Nursing

Ziegler Negotiates Sale of Skilled Nursing Facility in Chicago

by Jeff Shaw

CHICAGO — Ziegler has arranged the sale of a 100-plus-bed skilled nursing facility in a northern neighborhood of Chicago. Ziegler advised the seller, an Illinois-based nonprofit. A local operator acquired the asset for an undisclosed price. Nick Glaisner, managing director in Ziegler’s seniors housing and care practice, led the transaction with the support of Melanie Shaffer.

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FinanceIllinoisNewsSkilled NursingWisconsin

Walker & Dunlop Originates $65.7M in HUD Loans for Seven Midwestern Skilled Nursing Communities

by Jeff Shaw

ILLINOIS and WISCONSIN — Walker & Dunlop Inc. has originated $65.7 million in 232/223(f) and 241(a) HUD loans for seven skilled nursing facilities and memory care centers across Illinois and Wisconsin. Walker & Dunlop’s Midwest FHA Finance team, led by Joshua Rosen, Brad Annis, and Johnny Rice, arranged the construction loan and refinancings on behalf of five clients. The loans included: Elevate Care Waukegan Location: Waukegan, Illinois Amount: $21.2 million Walker & Dunlop arranged a 232/223(f) HUD loan to refinance existing commercial debt, partnership debt, and fund recent capital improvements …

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Affordable HousingFinanceIllinoisKentuckyNews

Cambridge Realty Capital Provides $52.2M in HUD Financing for Portfolio in Kentucky, Illinois

by Jeff Shaw

CHICAGO HEIGHTS, Ill., and FLORENCE, Ky. — Cambridge Realty Capital has provided $52.2 million in HUD financing for three affordable seniors housing communities in Kentucky and Illinois. The Kentucky transaction consisted of two facilities totaling 214 rental units located in Florence. The Chicago Heights community features 320 units. Cambridges’ early rate lock program was utilized, which allowed the owner to avoid the run-up in interest rates at a fixed cost and secure the underwritten loan amounts, without reduction caused by changing market conditions. The borrowers are based in Illinois are …

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Affordable HousingFinanceIllinoisKeyBankNews

KeyBank Provides $34.3M Financing for Six Affordable Communities in Chicago

by Jeff Shaw

CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program to facilitate the rehabilitation of six low-income apartment buildings in the South Shore of Chicago.  The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project -based Section 8 contract. The remaining five apartment building provide 126 units for families. The sponsor is Evergreen Real Estate Group. The properties are owned by an LIHTC partnership created by the Housing and …

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