PONTIAC, Ill. — Cambridge Realty Capital Cos. has provided a $7.6 million HUD loan to refinance Pontiac Supportive Living, a 60-bed assisted living facility in Pontiac. Located in the central part of the state approximately 100 miles southwest of Chicago, the community features eight one-bedroom units and 52 private studios. The loan is fully amortizing on a 35-year term.
Illinois
CHICAGO — Fundamental Advisors has sold The Clare at Rush and Pearson, a 53-story continuing care retirement community (CCRC) in downtown Chicago, to LCS. Although the price was not disclosed, BMO Harris provided $59.4 million in financing for the transaction. Fundamental partnered with Senior Care Development (SCD) and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center while augmenting programs and services for residents. Additionally Life Care Services, the management arm of LCS, was brought in to operate the community. …
Harborview Capital Partners Arranges $60M in HUD Loans for Properties in Illinois, New Jersey
by Jeff Shaw
ILLINOIS and NEW JERSEY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a total of $60 million in HUD financing for a portfolio of skilled nursing facilities in Illinois and New Jersey. In the first loan, Harborview arranged $7 million in financing for a 96-bed skilled nursing facility in Lake County, Illinois. The non-recourse loan features a 35-year amortization. Ephraim Kutner and Jonathan Kutner originated the transaction. Harborview also placed $53 million in HUD refinancings for multiple skilled nursing facilities totaling more than …
JACKSONVILLE, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Knollwood Retirement Village in Jacksonville, approximately 85 miles north of St. Louis. Knollwood is situated on 16.9 acres of a 32-acre site and features 86 units (96 Supportive Living beds). The 60,240-square-foot community was built in 2004 and features studio, one- and two-bedroom units. Before the sale was completed, the State of Illinois approved certification to the state’s SLP Dementia Care Program, allowing the new owner to add 10 memory care units. Occupancy was 90 percent at …
CHICAGO — The NHP Foundation, in partnership with Low Income Investment Fund, has acquired Edwin C. Berry Manor Apartments, an affordable seniors housing community in Chicago. NHP plans to preserve and maintain the 57-unit property, which was built in 1991. The property is in the Woodlawn neighborhood, which features many new developments including the future Barack Obama Presidential Library. “According to a recent report by the Joint Center for Housing Studies of Harvard University, 37 percent of Chicago households age 65 to 79 — or about 220,000 — are cost-burdened, …
HUNTLEY, Ill. — Resort Lifestyle Communities has opened Huntley Springs Retirement Resort, an active adult community in Huntley, approximately 50 miles northwest of Chicago. The property offers 128 apartments reserved for residents age 55 or older. “Our research indicated there was a significant need for additional independent senior living communities in Huntley,” says Phil Benjamson, COO of Resort Lifestyle Communities.
ILLINOIS — Capital Funding LLC has provided bridge-to-HUD financing for the acquisition of six skilled nursing facilities located throughout Illinois. The portfolio totals 594 total beds. The borrower, amount of capital, and names and locations of the properties were not disclosed. Capital Funding also financed the operations of a seventh skilled nursing facility in the portfolio, operated by Crown Healthcare. The lender expects to ultimately refinance the debt through HUD’S 232/223(f) program. Craig Casagrande originated the transaction for Capital Funding. Capital Finance LLC also provided working capital in the amount …