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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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Affordable HousingFinanceIllinoisNews

Greystone Provides $13.7M HUD-Insured Refinancing for Supportive Living Facility in Crestwood, Illinois

by Jeff Shaw

CRESTWOOD, Ill. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

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FinanceIllinoisIndependent LivingNews

MidCap Provides Refinancing for 240-Unit Independent Living Community Near Chicago

by Jeff Shaw

CHICAGO — MidCap Financial has provided a floating-rate refinancing for a Class A, 240-unit independent living community in the North Shore suburbs of Chicago. The borrowers are affiliates of Harrison Street and Banner Real Estate Group. The subject property has steadily leased up since opening in 2020 and benefits from its affiliation with CJE SeniorLife and physical quality, according to MidCap. Sarah Anderson of Newmark arranged the transaction.

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IllinoisMemory CareNewsPeople

Anthem Memory Care Appoints Fran DeJulius-Rybarski as Executive Director for Emerald Place in Glenview, Illinois

by Jeff Shaw

GLENVIEW, Ill. — Anthem Memory Care has named Fran DeJulius-Rybarski executive director for Emerald Place in Glenview. Rybarski previously was executive director of The Auberge at Orchard Park in Morton Grove, Illinois. She has also served as executive director for Green Oaks Senior Living in Libertyville, Illinois.

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DevelopmentIllinoisNews

Development Team Moves Forward With $895M Mixed-Use Project to Include Seniors Housing in Chicago’s Woodlawn Neighborhood

by Jeff Shaw

CHICAGO — Woodlawn Central LLC is moving forward with the development of Woodlawn Central, an $895 million mixed-use project spanning eight acres in Chicago’s Woodlawn neighborhood. The development team recently hired Transwestern Real Estate Services as its commercial real estate services provider. Woodlawn Central is poised to transform the area into a walkable, transit-oriented district with easy access to civic amenities such as the Obama Presidential Center, Jackson Park, the Museum of Science and Industry and the University of Chicago. Woodlawn’s Apostolic Church of God conceived and planned the project. …

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IllinoisMemory CareNewsOperationsPeople

Anthem Memory Care Appoints Nick Katinos as Executive Director of Grace Point Place in Oak Lawn, Illinois

by Jeff Shaw

OAK LAWN, Ill. — Anthem Memory Care has named Nick Katinos as executive director for Grace Point Place in Oak Lawn, southwest of Chicago. Katinos previously was executive director of Sunrise of Naperville North in Naperville. He also served as executive director for Brighton Gardens of Wheaton in Wheaton. He brings over seven years of senior living experience to this position. Katinos earned a bachelor’s degree in hospitality management from Johnson & Wales University in Providence, Rhode Island.

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