CHICAGO — Walsh Construction has completed work on Broadview Senior Apartments, an affordable community for residents over age 55 in Chicago. CIBC Bank USA provided a $5.3 million dollar construction loan and made a $6.9 million equity investment in the project, which rises three stories. Of the 70 units, 11 are reserved for special-needs tenants. “We support affordable housing initiatives because we know how important the security of a home is,” says Cheryl Wilson, managing director and head of US Community Development Lending at CIBC. “We also know seniors can …
LINCOLNSHIRE, Ill. — Cambridge Realty Capital Cos. has provided an $11.3 million HUD-insured loan for The Ponds of Wealshire, a 116-unit assisted living facility in the Chicago suburb of Lincolnshire. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge chairman. The facility provides rehabilitation services, respite care and progressive memory care. The loan refinancing existing debt.
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.