HARVEY, Ill. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the financing and preservation of Jesse Jackson Jr. Senior Housing, a 120-unit affordable housing property in Harvey, a suburb south of Chicago. The borrower is Preservation of Affordable Housing (POAH). Brian Blanchard and James Grande of Berkadia Affordable Housing led the transaction. Jesse Jackson Jr. Senior Housing consists of two three-story, elevator-serviced buildings that were originally constructed in 2007 (Phase II) and 2011 (Phase III). Units are reserved for seniors age 62 and …
CHICAGO — Senior Living Investment Brokerage has arranged the sale of a 188-unit independent living, assisted living and memory care community in a southern submarket of Chicago. The seller was a Midwest-based institutional capital provider. The buyer was a Midwest-based owner-operator looking to strategically expand its existing footprint throughout the Midwest. Further details were not disclosed. Brad Clousing, Daniel Geraghty, and Ryan Saul led the transaction for SLIB.
SAVOY, Ill., and FRANKLIN, Wis. — Anthem Memory Care has assumed management of two communities — Savoy Place in Savoy and Franklin Place in Franklin. Under the agreement, Anthem Memory Care is managing all aspects of the communities’ operations and will add regional staff, technology and training programs to adapt the communities to its approach to care. The new properties bring Anthem’s portfolio up to 20 properties and marks the Oregon-based operator’s entry into Wisconsin. With existing communities in Arkansas, California, Colorado, Illinois, Kansas, Minnesota and Ohio, Anthem now manages …
ALGONQUIN, Ill. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan to refinance The Pointe at Eastgate in Algonquin, approximately 45 miles northwest of Chicago. The borrower is a limited liability company in Illinois. The community is an assisted living community that specializes in the transition between independent living and skilled nursing. The undisclosed number of units are all private. Brent Holman-Gomez led the financing for Cambridge. The loan features a fully amortizing, 35-year term.
ILLINOIS — Greystone Monticello has arranged a $16.7 million bridge loan for the acquisition of a seniors housing property in Illinois. The property comprises independent living, assisted living and memory care units. The bridge financing carries a two-year term with two six-month extensions. Karina Davydov originated the loan.
DOWNERS GROVE, Ill. — Lifespace has completed a $112 million expansion project at Oak Trace, a seniors housing community in Downers Grove, approximately 20 miles west of Chicago. The new building completed as the third and final phase of the project features 140 new luxury independent living apartments; a state-of-the-art fitness and aquatic center; a performing arts center; multiple restaurant-style dining venues; a salon and spa; and an upscale style coffee shop. The first phase of the renovation and expansion project, completed in 2019, was the creation of Oak Trace’s …
BARRINGTON, Ill. — Berkadia has arranged the sale of a 45-unit assisted living and memory care community in Barrington, approximately 35 miles northwest of downtown Chicago. The Berkadia team of Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders represented the seller, a publicly traded REIT. A regional owner-operator acquired the property for an undisclosed price. Further details were not disclosed.
CHICAGO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of three value-add seniors housing communities in western suburbs of Chicago. Opened between 1994 and 2000, the portfolio consisted of three geographically clustered communities, with two distinct managers, offering approximately 290 assisted living and memory care units and approximately 40 Medicare-only skilled nursing units. The communities struggled post COVID and presented a meaningful value-add opportunity, despite some recent capital improvements. Ultimately, the seller elected to divest the communities to preserve liquidity and simplify the portfolio. The buyer was a …
ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois. The facilities accommodate a total of 173 beds. Further details were not disclosed. Tim Eberhardt and Ava Julio originated the transaction for CFG.
CHICAGO — Ziegler has arranged the sale of a 100-plus-bed skilled nursing facility in a northern neighborhood of Chicago. Ziegler advised the seller, an Illinois-based nonprofit. A local operator acquired the asset for an undisclosed price. Nick Glaisner, managing director in Ziegler’s seniors housing and care practice, led the transaction with the support of Melanie Shaffer.