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Illinois

Assisted LivingDevelopmentIllinoisNews

Premier Senior Living Announces Plans for Revela of O’Fallon Near St. Louis

by Jeff Shaw

O’FALLON, Ill. — Premier Senior Living has unveiled plans to bring its new Revela brand to the St. Louis, Missouri, suburb of O’Fallon. Revela of O’Fallon will feature 60 units of assisted living and 32 units of memory care in an 89,000-square-foot building. Groundbreaking is scheduled for February 2021, for completion in April 2022. Revela of O’Fallon will anchor new development on the eastern edge of O’Fallon as part of a 26-acre, mixed-use project featuring office and residential uses. “This project already addresses a goal frequently discussed within our 2040 …

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FinanceIllinoisNews

Ziegler Structures $49.4M Acquisition Financing for Skilled Nursing Portfolio in Illinois

by Jeff Shaw

ILLINOIS — Ziegler served as exclusive capital structuring advisor in a $49.4 million debt placement on behalf of Symphony Care Network to finance the acquisition of a portfolio of four skilled nursing properties and one assisted living property in Illinois. Symphony has operated the Portfolio since 2012, which consists of 616 licensed skilled nursing beds and 109 assisted living units. Symphony’s overall portfolio totals 29 properties throughout Illinois, Indiana, Wisconsin and Michigan. The financing consists of two tranches: a $44.4 million senior secured term loan and a $5 million asset-backed …

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CCRCFinanceIllinoisNews

Clare Oaks CCRC in Illinois Emerges from Bankruptcy, Plans $5M Improvement Project

by Jeff Shaw

BARTLETT, Ill. — Clare Oaks, a continuing care retirement community (CCRC) in the Chicago suburb of Bartlett, has emerged from Chapter 11 bankruptcy with $40 million in reduced debt and plans for a $5 million capital improvement project. The property opened in 2008, but declared bankruptcy in June 2019. The process reduced its debt from $86 million to $46 million, and also installed a new operator in ER Senior Management IL LLC and a new board of directors led by Julie Boggess. “The goal of this rigorous process was to …

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DevelopmentIllinoisNews

Covenant Living Plans $21M Expansion at Community in Carol Stream, Illinois

by Jeff Shaw

CAROL STREAM, Ill. — Covenant Living Communities and Services has started construction of a $21 million expansion project at Covenant Living at Windsor Park in Carol Stream, approximately 25 miles west of Chicago. The project will add 36 new assisted living residences and a new rehabilitation area for physical and occupational therapy. It will also include an HVAC system designed for air purification and improved indoor air quality. In addition to new assisted living apartments, there will also be renovations to the existing Windsor Park Manor at Covenant Living with …

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AcquisitionsIllinoisIndianaIowaNewsSkilled Nursing

ESI Brokers Sale of 21 Skilled Nursing Facilities in the Midwest

by Jeff Shaw

CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of 21 skilled nursing facilities in the Midwest. The transactions represented the exit from the long-term care industry of a a regional owner-operator. The portfolio consisted of three separate transactions for each state — Indiana, Iowa and Illinois. The combined purchase price for all three transactions was $86 million, or $54,0000 per functional bed/unit. The Indiana portfolio consisted of 11 communities totaling 751 licensed skilled nursing beds and 109 senior living units. At the time of …

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Affordable HousingDevelopmentIllinoisNews

Evergreen, CJE SeniorLife Break Ground on $25M Affordable Community in Evanston, Illinois

by Jeff Shaw

EVANSTON, Ill. — Evergreen Real Estate Group and CJE SeniorLife have started construction of Evanston Senior Housing, a 60-unit affordable seniors housing community approximately 12 miles north of downtown Chicago in Evanston. The four-story, 73,017-square-foot building will be located next to the existing CJE SeniorLife Adult Day Services center. 1015 Howard LP, a partnership that includes CJE SeniorLife, Evergreen and U.S. Bancorp Community Development Corp., will own the property upon completion. Development costs are estimated at $25 million. “It is unusual to have affordable senior housing and support services paired …

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FinanceIllinoisNewsSkilled Nursing

Walker & Dunlop Arranges $38.4M Financing for Skilled Nursing Portfolio Near Chicago

by Jeff Shaw

PALATINE, WAUKEGAN, ELGIN and CHICAGO, Ill. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed facility in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed facility in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment …

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AcquisitionsIllinoisNewsSkilled Nursing

Strawberry Fields REIT Acquires Hope Creek Skilled Nursing Facility in Illinois for $4M

by Jeff Shaw

EAST MOLINE, Ill. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline, located across the Mississippi River from Davenport, Iowa. The Indiana-based, non-traded REIT paid $4 million for the 245-bed skilled nursing facility, which is located on a 12-acre parcel. Built in 2007, is the newest skilled nursing facility in the Quad Cities, according to the buyer. The facility offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory care unit and a variety of activities …

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Active AdultDevelopmentIllinoisNews

Avenida Partners Completes Active Adult Community in Naperville, Illinois

by Jeff Shaw

NAPERVILLE, Ill. — Avenida Partners has completed construction of Avenida Naperville, an active adult community for residents over age 62 in the Chicago suburb of Naperville. The community totals 146 units. The community postponed its grand opening due to the COVID-19 pandemic. “We opened Avenida Naperville to meet the needs of the many adults that, as they get older, desire a smaller, maintenance-free home without having to sacrifice their independence,” says Michele Clemen, the community’s executive director. “The location offers easy access to the incredible cultural amenities of downtown Naperville …

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CCRCDevelopmentIllinoisNewsSkilled Nursing

Smith Senior Living Opens $24M Rehab Expansion at Smith Crossing in Orland Park, Illinois

by Jeff Shaw

ORLAND PARK, Ill. — Smith Senior Living has opened Smith Crossing Greenleaf Rehab, a 46-suite short-term rehabilitation expansion at its Smith Crossing community in the Chicago suburb of Orland Park. The two-story, 45,222 square-foot building is connected with a passageway to the west side of the main building on Smith Crossing’s 32-acre. This expansion increases the total square footage of its main building to almost 506,000 square-feet of residences and common areas. With the $24 million addition of the new rehab wing, Smith Crossing has invested $119 million in building …

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