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 …
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.
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 …
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.
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 …
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.
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MTRCC’s Affordable Housing Expansion Anticipates Seniors Housing Opportunities
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.