O’FALLON, Ill. — Holland Construction Services has started construction of Keystone Place at Richland Creek, a seniors housing community in O’Fallon, a small city just east of St. Louis, Missouri. The total project cost of the development is $39 million. Once completed, the new facility will offer independent living, assisted living and memory care services. The development is being constructed next to Parkway Lakeside Apartments, which Holland also built several years ago. Keystone Senior Management Services Inc. will be the operator. The four-story building will consist of 149 apartments including …
Illinois
PEKIN, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House Nursing Center. Located in Pekin, a suburb of Peoria, Hallmark House was built in 1964 and features 71 beds. The property totals 22,588 square feet on a six-acre plot. The seller was a private owner based in California struggling to oversee this single asset in Illinois. Occupancy was 62 percent at the time of sale. The buyer was a regional owner-operator with other facilities in Illinois. The price was not disclosed. Ryan Saul of SLIB …
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 …
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 …