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Illinois

AcquisitionsAssisted LivingIllinoisNews

Tutera Acquires The Lodge at Manito in Illinois

by Jeff Shaw

MANITO, Ill. — Tutera Senior Living & Health Care, a Kansas City-based senior healthcare provider, has purchased The Lodge at Manito in the small, Central Illinois village of Manito. Located on eight acres, the community provides assisted living and memory care services — the first and only dedicated memory care community in the Manito area. The community opened in 2017 by the Mason County Health Department, which was the first of its kind in the state. Tutera and the health department will have a collaborative relationship that will benefit the …

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DevelopmentIllinoisNews

Skender Breaks Ground on Redevelopment of 133,000 SF Senior Living Community Near Chicago

by Jeff Shaw

MAYWOOD, Ill. — Skender recently broke ground on the redevelopment of Maywood Supportive Living in Maywood, about 12 miles west of Chicago. When completed, the 133,000-square-foot, five-story supportive living facility will provide 100 housing units with substantial healthcare and nursing amenities. The existing property, which formerly housed the Central Baptist Home, was added to the State of Illinois’ National Register of Historic Places in 2017 and will be restored with the intention of preserving its historic detail. The existing building and grounds take up a full city block, and renovations …

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FinanceIllinoisNewsSkilled Nursing

Dwight Capital Funds $56M Refinancing for Skilled Nursing Portfolio in Illinois

by Jeff Shaw

ILLINOIS — Dwight Capital has provided a $56 million bridge loan for the refinancing of a portfolio of eight skilled nursing facilities located across Illinois. The properties include Lexington Health Center Bloomingdale, Lexington of Schaumburg, Lexington of Orland Park, Lexington of Lombard, Lexington of Chicago Ridge, Lexington of Elmhurst, Lexington of La Grange and Lexington of Lake Zurich. Together, the facilities comprise 1,550 beds across a total of 25 acres. Cross River Bank served as co-lender and participant in the transaction. The term loan refinanced the portfolio’s existing capital structure …

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AcquisitionsIllinoisNewsSkilled Nursing

Ziegler Structures $49M in Financing for Symphony Care Network Portfolio Acquisition in Chicago

by Jeff Shaw

CHICAGO — Ziegler has served as capital structuring advisor in a $49 million debt placement on behalf of Symphony Care Network. The financing will fund the acquisition of a portfolio of two skilled nursing facilities and one supportive living facility located in the Lincoln Park and South Shore neighborhoods of Chicago. Prior to the Transaction, Symphony already operated the communities, consisting of 475 licensed skilled nursing beds and 118 supportive living beds. The financing allowed Symphony to reacquire the portfolio’s real estate interest from a publicly traded REIT. The transaction …

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AcquisitionsCCRCIllinoisNews

Covenant Living Acquires Three Crowns Park CCRC in Evanston, Illinois

by Jeff Shaw

EVANSTON, Ill. — Covenant Living Communities and Services has entered into an affiliation agreement with Three Crowns Park, a continuing care retirement community (CCRC) in Evanston, approximately 12 miles north of downtown Chicago. Under the agreement, Three Crowns Park will become part of the Covenant Living organization. Covenant Living will assume overall management and operations of Three Crowns Park with shared governance and leadership upon closing, which is scheduled for July 1. Three Crowns Park is a seven-acre, single-site senior living community established more than 125 years ago. It is …

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AcquisitionsIllinoisNewsOhio

Pathway to Living, Welltower Acquire 22-Property Portfolio in Illinois, Ohio

by Jeff Shaw

TOLEDO, Ohio, and CHICAGO — Pathway to Living, the seniors housing platform of Chicago-based real estate investor and operator Waterton, has partnered with giant healthcare giant Welltower (NYSE: WELL) to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio. Pathway to Living will operate the communities, which Toledo-based Welltower will own. The portfolio totals 1,105 units. “This new alliance with Welltower, the industry’s leading healthcare real estate entity, is a testament to our reputation as a specialist in middle-market senior housing operations,” says Jerry Finis, CEO of …

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Active AdultDevelopmentFinanceIllinoisNews

CBRE Arranges $43M Construction Loan for Active Adult Community in Chicago

by Jeff Shaw

CHICAGO — CBRE has arranged $43 million in financing for the construction of a Class A active adult community in Chicago. Aron Will, Austin Sacco and Matthew Kuronen of CBRE Senior Housing partnered with CBRE Chicago’s Debt and Structured Finance professionals John Parrett and Peter Marino to arrange the financing. The five-year loan features 42 months of interest-only payments. A national bank provided the funds. Further details on the property and borrower were not disclosed.

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FinanceIllinoisNewsSkilled Nursing

Walker & Dunlop Arranges $55.7M in Financing for Skilled Nursing Portfolio in Metro Chicago

by Jeff Shaw

CHICAGO — Walker & Dunlop Inc. has structured $55.7 million in financing for three skilled nursing facilities in the Chicago area: Chalet Living & Rehab Center, The Grove of Evanston and The Grove of La Grange Park. Joshua Rosen led the origination team at Walker & Dunlop in securing debt coverage savings for the property owner and long-time client, which was not disclosed. The team utilized U.S. Department of Housing and Urban Development’s (HUD) Section 232/223(a)(7) program to refinance the facilities’ existing HUD loans. Each loan features a 27-year term …

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DevelopmentFinanceIllinoisNews

American House Receives Financing for Senior Living Project in Oak Park, Illinois

by Jeff Shaw

OAK PARK, Ill. — American House Senior Living Communities has received financing for its latest senior living project in Oak Park, eight miles west of downtown Chicago. American House Oak Park will be a seven-story seniors housing community featuring 76 independent living, 66 assisted living and 35 memory care units. Expected to open fall 2022, demolition work was completed in late February and construction began in March. American House will operate the community upon completion.

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FinanceIllinoisIndependent LivingM&T Realty Capital CorporationNews

Ziegler, M&T Arrange $15.1M Refinancing for Carriage Oaks Independent Living in St. Charles, Illinois

by Jeff Shaw

ST. CHARLES, Ill. — Ziegler, in partnership with M&T Realty Capital Corp., acted as financial advisor in a $15.1 million Fannie Mae refinancing on behalf of Essex Communities. The loan will be used to refinance existing debt on Carriage Oaks, an independent living community in St. Charles, approximately 35 miles west of Chicago. Essex originally developed the community in 1999 under a nonprofit entrance-fee model. They recently purchased the building in 2019 and converted it to a market-rate rental model. The community consists of 80 independent living units. Essex owns …

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