CHICAGO — Cambridge Realty Capital Cos. has provided a $5.8 million HUD-insured loan for Morris Senior Living, a 76-unit assisted living facility near Chicago. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the lender’s specialists in HUD loans.
NAPERVILLE, Ill. — Bellwether Enterprise Real Estate Capital LLC (BWE) has provided a $21 million Freddie Mac loan for the refinance of HarborChase of Naperville, an assisted living and memory care community in the Chicago suburb of Naperville. Ryan Stoll and Taylor Mokris originated the loan on behalf of the borrowers, affiliates of Bourne Financial Group and HRA Senior Living. HRA operates the 101-unit, two-story property. The loan refinanced the construction debt of the recently developed property, which maintains prepayment flexibility along with a significant interest savings. The loan term …
LOMBARD, Ill. — Lifespace Communities has appointed Dan Bannon as executive director of Beacon Hill retirement community, a senior living community located in the Chicago suburb of Lombard. Bannon has extensive hospitality and senior living experience. He most recently served as executive director for Marian Village and Franciscan Village in the Chicago area. Bannon earned his bachelor’s degree in business administration from the University of Saint Francis in Joliet.
NEW YORK CITY and SOUTHFIELD, Mich. — CBRE National Senior Housing has arranged recapitalization and acquisition financing for seven seniors housing communities across three transactions on behalf of a joint venture between New York-based Monarch Alternative Capital LP and Southfield-based REDICO. Aron Will, John Sweeny, Austin Sacco and Adam Mincberg arranged the financing. American House Senior Living Communities, an affiliated company of REDICO, will manage the communities The seven communities total 1,133 independent living, assisted living and memory care units in Florida, Illinois and Michigan. The Florida Portfolio comprises American …
AUBURN, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 70-bed skilled nursing facility in the small Central Illinois city of Auburn. The community was built in 1970. Occupancy was 75 percent at the time of sale. The seller was a regional owner-operator looking to exit a non-core asset while the buyer was looking to expand its presence in central Illinois. The price and name of the facility were not disclosed.
CHICAGO — Evans Senior Investments (ESI) has arranged the sale of Holy Family Villa and Bishop Lyne Residence, a nonprofit, 129-bed skilled nursing community with an 18-unit independent living component in Chicago. Built in 2002 with a 2012 rehabilitation unit addition, the community features 35 private resident rooms. Despite the contemporary design, the community was not profitable at the time of marketing, with census averaging 73 percent, resulting in a net operating loss. Prior to the COVID-19 pandemic, the community averaged 87 percent occupancy with 49 private-pay residents and 28 …
URBANA, Ill. — HJ Sims has arranged an $8.8 million taxable note on behalf of Clark Lindsey Village. Established in 1978, Clark Lindsey Village is a nonprofit continuing care retirement community in Urbana. The campus currently features 147 units of independent living, 12 units of memory care and assisted living and 105 beds of skilled nursing. The borrower plans to use the funds to undertake a repositioning project at the community over the next five years. Phase I includes the construction of eight independent living villas, in addition to site …
OAK LAWN, Ill. — Anthem Memory Care has appointed Lori Cantway as executive director for Grace Point Place in Oak Lawn. Cantway previously was executive director at Eden Supportive Living in Chicago. She has also served as executive director for Autumn Green Wright in Chicago. She brings over 16 years of senior living experience to this position. Cantway earned a bachelor’s degree in business management from DePaul University in Chicago.
CHICAGO — Smith Senior Living has completed a $23 million modernization project of the skilled nursing facilities, known as Johanson Wing, at Smith Village in Chicago. Completed six months early, the project finishes a $74 million campus transformation that began in 2006. Smith village offers the full continuum of care, including independent living, assisted living, memory care, rehabilitation and skilled nursing. The Johanson Wing now houses private suites for short-term rehab patients along with private rooms and a few shared rooms for skilled nursing care residents. To provide more private …
WEST DUNDEE, Ill. — McShane Construction Co. has been selected by Westbrook at Canterfield, LLC to build Woodlands at Canterfield in West Dundee, approximately 40 miles northwest of downtown Chicago. The development will offer 91 assisted living units and 40 memory care beds, along with 16,000 square feet of amenity space and 92 parking spaces. It is located on a nine-acre site. Completion of Woodlands at Canterfield is scheduled for April 2023. AG Architecture is the architect and RDG Planning and Design is the interior designer.