PERU, Ill. — Associated Bank has provided $6 million in financing for construction of the Diamond Senior Apartments, a seniors housing community in Peru, located along the Illinois River approximately midway between Chicago and the Iowa border. The borrower is 3 Diamond Development. The project includes 56 units in 10 single-story residential buildings. All units are restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to households earning less than 30 percent of the area median income (AMI), and the remaining 44 units will …
Illinois
BELLEVILLE, Ill. — The Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group have completed construction of Lofts on the Square, an affordable housing community in Belleville, a suburb of St. Louis. The $14.2 million project was a historic rehabilitation of a 90-year-old building downtown Belleville’s public square. The property’s 47 units were fully preleased before the opening. The asset also features more than 3,000 feet of street-level commercial space that remains available for lease by retailers and restaurants. The six-story building opened in 1931 as the Hotel Belleville. It …
BELLWOOD, Ill. — Evergreen Real Estate Group has broken ground on Bellwood Senior Apartments, an 80-unit affordable rental community in the western Chicago suburb of Bellwood. The $30 million project will replace a former Walgreens with a four-story, 73,228-square-foot residential building. Professionally operated by Evergreen’s in-house management team, Bellwood Senior Apartments will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors age 62 or older, with incomes at or below 60 percent of the area median income. Evergreen will begin accepting applications for the apartments in spring 2023, …
ALGONQUIN, Ill. — McShane Construction Co. has completed construction of The Oaks at Algonquin, a 166-unit independent living, assisted living and memory care community in Algonquin, approximately 40 miles northwest of Chicago. Spectrum Retirement Communities is the developer of the three-story building. Vessel Architecture designed the property. Spectrum received local approval for the project in 2018, and construction began in 2020.
SPRINGFIELD, Ill. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Bickford of Springfield, a 67-unit independent living and assisted living community in Springfield. A publicly traded REIT sold the asset to Trustwell Living for an undisclosed price. Built in 2005, the historically cash-flowing community experienced operational challenges following industry-wide COVID headwinds. Through a targeted refresh effort and enhanced marketing, the community was offered as a value-add opportunity for incoming investors with a presence in the market.
PHOENIX, ORLANDO and CHICAGO — The Walker & Dunlop seniors housing team has arranged three acquisitions with three different institutional partners. The transactions totaled over $150 million across 419 independent living, assisted living and memory care units. The assets are located in the Phoenix, Orlando and Chicago metro area. Walker & Dunlop’s Tony Cassie and Sam Thompson provided advisory services and facilitated the Arizona sale, while Brett Gardner, Joshua Jandris and Mark Myers provided advisory services and facilitated the Florida and Illinois sales.
Evergreen, CJE SeniorLife Complete $25M Ann Rainey Apartments Affordable Community in Evanston, Illinois
EVANSTON, Ill. — Evergreen Real Estate Group and the Council for Jewish Elderly (doing business as CJE SeniorLife) have opened Ann Rainey Apartments, a 60-unit affordable seniors housing community in Evanston, a northern suburb of Chicago. The $25 million project is next to the existing CJE SeniorLife Adult Day Services center, which provides programming and socialization opportunities for seniors who require supervision during the day. The new residential community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades and is credited …
Cambridge Provides $7.4M HUD Refinancing for Springfield Supportive Living Center in Illinois
SPRINGFIELD, Ill. — Cambridge Realty Capital Cos. has provided a $7.4 million HUD-insured loan for the Springfield Supportive Living Center, a 127-bed assisted living facility in Springfield, Illinois. Cambridge Realty Capital Ltd. of Illinois, Cambridge’s specialists in FHA-insured HUD loans, underwrote the loan. Further details were not disclosed.
HJ Sims Arranges USDA Financing for $32M Expansion Project at Evenglow Lodge in Pontiac, Illinois
PONTIAC, Ill. — HJ Sims has arranged financing for a $32 million expansion project at Evenglow Lodge, a continuing care retirement community in downtown Pontiac, approximately 95 miles southwest of Chicago. The United States Department of Agriculture (USDA) is providing the majority of the funds. In accordance with USDA’s requirements, proceeds of the financing will be used for the construction of 76 replacement assisted living units, common space and other space used by the health center, as well as for the demolition of the existing assisted living structure. Opened in …
Lifespace Breaks Ground on Independent Living Expansion at Oak Trace CCRC in Downers Grove, Illinois
DOWNERS GROVE, Ill. — Lifespace Communities has broken ground on an expansion project at Oak Trace, a nonprofit continuing care retirement community in the Chicago suburb of Downers Grove. The expansion is Phase II of a $112 million reinvestment project at the community. The first phase, which converted some units to assisted living to complete the continuum of care, was completed in 2019. Phase II will add 145 independent living apartments, bringing the total from 232 to 377. It is scheduled for completion in 2023. In addition to increasing the …