O’FALLON, Ill. — Holland Construction Services has completed work on the new Keystone Place at Richland Creek Senior Living Development in O’Fallon, a suburb of St. Louis. The four-story, $39 million development features 64 independent living units, 66 assisted living units and 19 memory care units, plus one guest suite. It is located on a five-acre plot. The 170,000 square-foot development was constructed adjacent to Parkway Lakeside Apartments, which Holland completed several years ago.
Concerns about real estate distress have primarily focused on retail and hospitality properties, both of which have most visibly borne the brunt of COVID-19 state and local lockdowns. Yet, arguably, seniors housing has suffered just as severe a blow, say Matthew Pipitone and Jeff Rodman, program managers for M&T Realty Capital Corp. (MTRCC), the commercial mortgage banking subsidiary of M&T Bank. Not only have seniors housing residents been restricted from having guests and seeing family members, but owners and operators have been tasked with finding ways to continue caring for …
ST. CHARLES, Ill. — M&T Realty Capital Corp. has provided a $15.1 million Fannie Mae loan for the refinance of an 80-unit active adult community in St. Charles. The transaction was worked in conjunction with Ziegler, a specialty investment bank headquartered in Chicago. The 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule, which will provide the undisclosed borrower with additional flexibility in future years. The community was 98.8 percent occupied at the time …
CHICAGO and KANSAS CITY, Mo. — CBRE National Senior Housing has arranged a refinancing for three seniors housing communities known as Anthology of Grayslake, Anthology of Wheaton and The Sheridan at Overland Park, located in affluent submarkets of Chicago and Kansas City. The communities, built in 2016 and 2017, consist of 210 assisted living units and 98 memory care units. The Illinois communities are operated by Anthology Senior Living, CA Ventures’ wholly owned senior living operating platform, and the Overland Park community in Kansas City is operated by Senior Lifestyle …
OAK LAWN, Ill. — Anthem Memory Care has named Allison Rackow as executive director of Grace Point Place, an Anthem community in Oak Lawn, a suburb of Chicago. Rackow previously was executive director at nearby Sunrise Senior Living of Palos Park. She has also served as associate executive director for Sunrise at Fountain Square as well as executive director at ResCare Premier. Rackow earned her master’s degree in social work from Southern Illinois University Carbondale and a bachelor’s degree in social work from University of Wisconsin-Whitewater.
CHICAGO — Merchants Capital has provided funding for the development of Montclare Senior Residences of Calumet Heights, a 134-unit affordable seniors housing project in Chicago. Financing for the project was obtained through the United States Department of Housing and Urban Development (HUD) 221(d)(4) program. The funding was completed in partnership with MR Properties LLC and Patti Ann Charitable Services. Located on a formerly vacant, five-acre lot in the historic Pill Hill neighborhood on Chicago’s South Side, the majority of units are reserved for extremely-low, very-low and low-income seniors earning no …
BURR RIDGE, Ill. — Health Dimensions Group (HDG) has taken over management of Brookdale Burr Ridge, with plans to reposition the community and rebrand it as Dimensions Living Burr Ridge. Burr Ridge is located near the Des Plaines river approximately 18 miles southwest of downtown Chicago. The community features assisted living, memory care, rehabilitation and skilled nursing services. The number of units was not disclosed. HDG provides management and oversight for 38 senior care and living communities in eight states, serving more than 2,000 residents and overseeing more than 2,000 …
BARTLETT, Ill. — Clare Oaks, a continuing care retirement community in the Chicago suburb of Bartlett, has changed its name to The Oaks at Bartlett and announced changes to its leadership team. ER Senior Management, which was appointed as the senior living community’s operator at the end of 2020, led the changes. Tim Lynch will take over the community as executive director. With more than 20 years’ experience in the healthcare and senior living fields, Lynch began his career as a physical therapist and has held management positions in hospitals …
SOUTH ELGIN, Ill. — Spectrum Retirement Communities has opened Silver Glen Senior Living, a 180-unit independent living, assisted living and memory care community in South Elgin, approximately 35 miles west of Chicago. With COVID-19 restrictions and precautions still in place, the community is hosting a virtual and drive-by Grand Opening event on March 20. The first residents have already moved in.
PROSEPECT HEIGHTS, Ill. — Health Dimensions Group (HDG) has taken over the management, oversight, and repositioning of Brookdale Prospect Heights, while rebranding the property as Dimensions Living Prospect Heights. HDG provides management and oversight for 38 senior care and living communities in eight states, serving more than 2,000 residents and overseeing more than 2,000 team members.
