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Anthem Memory Care Appoints Emily Potempa as Executive Director of Churchill Place in Glen Ellyn, Illinois

by Jeff Shaw

GLEN ELLYN, Ill. — Anthem Memory Care has named Emily Potempa as executive director for Churchill Place, a community in the Chicago suburb of Glen Ellyn. In this capacity, she will oversee all daily care, programming and operations. Potempa previously was executive director with Encore Memory Care in nearby Bolingbrook. She also served as director of resident services for Brookdale Senior Living in Lisle, just five miles away from her new community. Potempa brings over 12 years of senior living experience to this position. She earned a bachelor’s degree in …

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AcquisitionsAssisted LivingIllinoisNews

SLIB Brokers Sale of 73-Unit The Legacy & Evergreen Place in Chillicothe, Illinois

by Jeff Shaw

CHILLICOTHE, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Legacy & Evergreen Place, a 73-unit assisted living and memory care community in Chillicothe, located along Goose Lake approximately 140 miles southwest of Chicago. The asset was part of a larger portfolio of skilled nursing facilities. The seller of this building, which is buying the remaining portfolio, elected to carve out this asset because the company specializes in skilled nursing. The buyer is a Midwest-based owner that built the community in 2015 and was looking to …

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AcquisitionsAssisted LivingIllinoisIndependent LivingNews

Focus Healthcare Acquires Lexington Square Senior Living in Elmhurst, Illinois

by Jeff Shaw

ELMHURST, Ill. — Focus Healthcare Partners LLC, a Chicago-based real estate investment and asset management firm, has acquired Lexington Square Senior Living in Elmhurst, approximately 15 miles west of Chicago. BMO provided financing for the sale. The price and seller were not disclosed. Focus will rebrand the community as The Roosevelt at Salt Creek and convert it from an entrance-fee buy-in model to a rental community offering independent living and assisted living. Life Care Services will manage the community and help facilitate the transformation. Focus will implement a multi-year renovation …

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AcquisitionsAssisted LivingIllinoisNews

Senior Lifestyle Acquires Four Aspired-Branded Communities in Metro Chicago

by Jeff Shaw

LA GRANGE, WESTMONT, PROSPECT HEIGHTS and LAKE ZURICH, Ill. — Senior Lifestyle has acquired four communities in the Chicago metropolitan area: Aspired Living of La Grange Aspired Living of Westmont Aspired Living of Prospect Heights Azpira Place of Lake Zurich The communities offer assisted living, memory care and supportive living residences in the northern and southern suburbs of Chicago. Further details on the properties were not disclosed.

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CCRCCompany NewsIllinoisNews

Friendship Village CCRC Files for Chapter 11 Bankruptcy, Seeks Sale

by Jeff Shaw

SCHAUMBURG, Ill. — Friendship Village of Schaumburg, an independent continuing care retirement community (CCRC) in the Chicago suburb of Schaumburg, has filed for Chapter 11 protection through the U.S. Bankruptcy Court for the Northern District of Illinois and is seeking a sale. The community cites continued hardships from the COVID-19 pandemic. Debt on the community is largely through bond financing. The community will continue to operate as normal during the bankruptcy process. The sale process will be subject to the bankruptcy court’s oversight. Due to the large size of the …

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AcquisitionsFinanceIllinoisNews

CBRE Arranges Acquisition Financing for 348-Unit Lexington Square of Elmhurst in Illinois

by Jeff Shaw

ELMHURST, Ill. — CBRE has arranged an undisclosed amount of financing for the sale of Lexington Square of Elmhurst, a 348-unit independent living and assisted living community in Elmhurst, approximately 17 miles west of Chicago. The property was built in 1990. The borrower, Focus Healthcare Partners LLC, has purchased the asset and rebranded it as The Roosevelt at Salt Creek. Focus plans to execute a significant capital improvement plan and convert the existing entrance-fee CCRC model to rental units. Aron Will, Matt Kuronen and Michael Cregan of CBRE National Senior …

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Active AdultDevelopmentIllinoisNews

Focus Completes Construction of Everleigh Active Adult Community in Vernon Hills, Illinois

by Jeff Shaw

VERNON HILLS, Ill. — Acting as general contractor, Focus has completed construction of Everleigh, an active adult community in Vernon Hills, a northern suburb of Chicago. Greystar is the property’s developer. Everleigh Vernon Hills features 173 apartments ranging in size from 567 to 1,373 square feet, as well as seven duplex cottages. Monthly rents start at $1,800. Meeks + Partners designed the four-story building. Greystar launched the Everleigh by Greystar active adult brand in 2017 and now has locations in eight states.

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Assisted LivingFinanceIllinoisNews

Greystone Provides $35.7M in HUD Financing for Two Supportive Living Facilities in Illinois

by Jeff Shaw

ILLINOIS — Greystone has provided $35.7 million in HUD-insured loans to refinance two supportive living facilities in Illinois. The two properties consist of a total of 272 units between the two buildings, built in 2004 and 2005. Further details on the properties were not disclosed. Eric Rosenstock originated the financing on behalf of Grand Lifestyles. The non-recourse loans both carry 35-year terms, full-term amortization and fixed rates. Illinois developed the Supportive Living Program as an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed …

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Assisted LivingFinanceIllinoisNews

Greystone Provides $35.7M HUD Refinancing for Two Supportive Living Facilities in Illinois

by Jeff Shaw

ILLINOIS — Greystone has provided a total of $35.7 million in HUD-insured loans to refinance two supportive living facilities in Illinois. The two properties consist of a total of 272 units between the two buildings, built in 2004 and 2005. Eric Rosenstock originated the financing on behalf of Grand Lifestyles. Greystone’s HUD-insured, non-recourse loans both carry 35-year terms, full-term amortization, and low, fixed rates.

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AcquisitionsIllinoisMemory CareNewsOperations

CareTrust REIT Acquires Two Illinois Memory Care Facilities with New Operator Relationship

by Jeff Shaw

CHICAGO — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 136-unit, two-facility memory care portfolio located in metro Chicago. Chapters Living will take over operations at the community, which is a new relationship for CareTrust. Chapters Living is a seniors housing and memory care operator based in the Midwest led by industry veteran Danny Stricker. The two properties will be placed in a 15-year, triple-net lease. The agreement includes two five-year extension options as well as annual CPI-based rent escalators. CareTrust’s initial investment in the facilities, inclusive of transaction costs, …

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