EVANSTON, Ill. — JLL has arranged construction financing and joint venture equity for Trulee Evanston, a 163-unit luxury seniors housing community in Evanston, just north of Chicago. Although the amount of the financing was not disclosed, the total development cost was estimated at $75 million. Construction is scheduled to start immediately. The borrower is a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living. A national bank provided the debt, while an institutional private equity fund manager provided the equity. Trulee Evanston will be …
Illinois
ELGIN, Ill. — New Perspective Senior Living has unveiled plans for New Perspective – Elgin, a seniors housing community in Elgin, approximately 25 miles northwest of downtown Chicago. The four-story structure will offer independent living, assisted living and memory care. The number of units was not disclosed.
NEW YORK CITY — Greystone, a New York City-based healthcare facility owner and operator, has acquired 12 skilled nursing facilities and one supportive living community in Illinois and Missouri. The properties were all previously operated by Rosewood Care Centers. The Department of Housing and Urban Development (HUD) sold the assets for an undisclosed price. The portfolio totals 1,662 beds, and Greystone Healthcare Management Midwest will rebrand and operate the communities. The 13 properties are: Rosewood Care Center of Alton, Illinois, now named Riverside Rehab & Healthcare Rosewood Care Center of …
CHICAGO — JLL Capital Markets has arranged the sale of St. Pauls House, a 171-bed skilled nursing community in Chicago. Lutheran Life Communities sold the facility to an Illiois-based operator for an undisclosed price. St. Pauls House was originally built in 1921, with the additions of the East Wing in 1956 and the West Wing in 1970. The 100,000-square-foot community is situated on 2.4 acres in Chicago’s Irving Park neighborhood, northwest of downtown. Mike Garbers and Cody Tremper led the JLL Seniors Housing Capital Markets investment advisory team.
CHICAGO — Pathway to Living, a Chicago-based developer, owner and operator of seniors housing, has promoted Sue Schaefer to regional director of operations. Schaefer will oversee operations at the company’s Northern Illinois communities, including Azpira Place of Lake Zurich, Oak Hill Supportive Living in Round Lake Beach, Victory Centre of Vernon Hills, Victory Centre of Bartlett and Alexian Village in Elk Grove. Schaefer was executive director of Azpira Place of Lake Zurich since its opening in May 2017. She was previously the executive director of Heritage Woods of Huntley. A …
CHICAGO— Evergreen Real Estate Group and the Chicago Housing Authority (CHA) have started construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on Chicago’s North Side. The $81 million project will convert the former 10-story Ravenswood Hospital — which was built in 1974 and has been vacant since 2002 — into affordable rental units. The property will total 74 independent living apartments for low-income residents and 119 units under the Illinois Supportive Living program, which allows government reimbursement for assisted living services. While the …
Walker & Dunlop Funds $11M Bridge Loan for Supportive Living Facility Acquisition in Illinois
by Jeff Shaw
AURORA, Ill. — Walker & Dunlop Inc. has provided $11 million in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora. The borrower was Cascade Capital Group, which used the funds to acquire the community. Supportive living is an Illinois program to offer assisted living services while still allowing for government reimbursement. Walker & Dunlop’s bridge lending program utilizes the company’s own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned. Joshua Rosen and the bridge lending team structured …
MATTESON, Ill. — Alexi Senior Living Corp. has received $17.7 million in HUD financing, allowing the company to start construction of Alexi Senior Community in Matteson, a southern suburb of Chicago. Upon completion the property will feature 55 assisted living and 20 memory care units. The 81,500-square-foot building will be the first of four planned for the property. Future buildings will include an independent living building, scheduled for groundbreaking in August 2020, plus areas for early learning and higher education, leading to an intergenerational community. The development team includes architectural …
Lancaster Pollard Provides $14.8M HUD Financing for Skilled Nursing Facility in Illinois
by Jeff Shaw
AURORA, Ill. — Lancaster Pollard has provided $14.8 million in HUD financing for the development of a Thrive skilled nursing facility in Aurora, approximately 38 miles west of downtown Chicago. The 68-bed facility will focus on post-acute care. The borrower is Innovative Health and its Chicago-based parent company, which has three communities under construction. Brett Murphy of Lancaster Pollard arranged the long-term, non-recourse financing.
WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare group has closed $57.2 million in loans for skilled nursing facilities in Alabama, Illinois, New Jersey, Maryland and Washington. Berkadia refinanced a portfolio of three skilled nursing facilities in Washington state for $26.2 million, or $120,212 per bed, utilizing HUD’s 232/223(f) program. Jay Healy arranged the financing on behalf of the Washington-based owner and operator, which used the loan proceeds to pay off short-term debt, fund improvements to the properties and reduce their debt service payments. The communities are located in Brewster, …