AURORA, Ill. — Walker & Dunlop Inc. has arranged a $14.6 million loan for the refinancing of The Vistas Fox Valley in Aurora. The 136-bed skilled nursing facility offers full medical support and rehabilitation services for seniors age 65 and older. Amenities include an onsite spa and salon, dining services, transportation options, family lounges and 24-hour medical assistance. Joshua Rosen of Walker & Dunlop led the origination team. The HUD loan will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.
Illinois
Lancaster Pollard Provides $16.9M Refinancing for Assisted Living Community Near Chicago
by Jeff Shaw
BATAVIA, Ill. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital, has provided a $16.9 million HUD refinancing for Heritage Woods of Batavia, a 148-unit affordable assisted living community in the Chicago suburb of Batavia. The borrower is Gardant Management. Brett Murphy led the transaction for Lancaster Pollard.
MAYWOOD, Ill. — Evergreen Real Estate Group has completed $7 million in renovations to Garden House of Maywood, a 144-unit affordable seniors housing community in the western Chicago suburb of Maywood. Housing and Human Development Corporation (HHDC) acquired the 10-story building in 2018 using tax credits to help fund capital improvements. Evergreen has managed since 2017, and Evergreen Construction Co. managed the nine-month project. The phased renovations allowed residents to remain in their homes during construction. All residential units were updated with new windows and window treatments. Sinks, cabinetry, countertops, …
High Street Residential Completes 169-Unit Active Adult Community in Evanston, Illinois
by Jeff Shaw
EVANSTON, ILL. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Evanston, a 169-unit active adult community in Evanston. The community, reserved for residents 55 years of age or older, offers a mix of one- and two-bedroom units in an 18-story high-rise. Amenities include a bistro bar, business center, activity center, pet spa, dog run, fitness center, theater room and chef’s kitchen. On the top floor, residents have access to a rooftop deck with a pool and fire pits. Allegro Management Co. operates the property.
NAPERVILLE, Ill. — McShane Construction Co. has completed construction of Avenida Naperville, an active adult community in Naperville, a western suburb of Chicago. The apartments are reserved for those age 62 and older. The community features 13,000 square feet of amenity space. Designed by Meeks + Partners, the property incorporates a total of 146 apartments across six two- and three-story buildings.
HAZEL CREST, Ill. — Charter Senior Living has acquired Citadel Estates, an assisted living and memory care community in Hazel Crest, approximately 20 miles south of Chicago. The buyer has renamed the community Charter Senior Living of Hazel Crest. The seller and price were not disclosed. “The acquisition was planned before COVID-19 and by the time we were transitioning, most of the country was already locked down,” says Jayne Sallerson, Charter’s chief operating officer. “We had plans in place for our other communities, so implementing new procedures at Hazel Crest …
Joseph J. Duffy Co. to Begin Conversion of Former School into Affordable Seniors Housing in Northern Illinois
by Jeff Shaw
JOHNSBURG, Ill. — Joseph J. Duffy Co. is set to begin the conversion of the former James C. Bush Elementary School into a 68-unit affordable seniors housing project in Johnsburg, about 60 miles northwest of Chicago. General Capital Group is the developer and Hooker DeJong Architects Inc. is the project architect. Oakbrook Corp. will manage the property, which is reserved for residents age 55 and older. Duffy will convert the administration and gym areas of the existing, one-story school into 14 apartment units, resident support facilities and office space. The …
Walker & Dunlop Provides $37M in HUD Financing for Three Facilities in Illinois, Michigan
by Jeff Shaw
AURORA AND KANKAKEE, Ill., and NOVI, Mich. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s …
CHICAGO — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $32.4 million HUD 232/223(f) refinancing of a 210-bed skilled nursing facility in metro Chicago. The borrower is Chicago-based Legacy Healthcare. The loan features a 35-year term and amortization Ephraim Kutner, Jonathan Kutner and Eli Kutner negotiated the transaction.
PEKIN, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House, a 71-bed skilled nursing facility in the Peoria suburb of Pekin. A private, California-based owner sold the community. The buyer continued with the acquisition despite the complications of the COVID-19 pandemic. Although the price and buyer were not disclosed, Craig Casagrande and Andrew Jones of Capital Funding Group provided a $16.8 million bridge-to-HUD loan for the acquisition. Ryan Saul of SLIB facilitated the sale.