PROSPECT HEIGHTS, Ill. — CBRE has arranged a $21.4 million loan for the construction of Greenbrier of Prospect Heights, a Class A assisted living and memory care community in the North Shore Chicago suburb of Prospect Heights.
The community, which will comprise 69 assisted living units and 32 memory care units, is a joint venture of developer Greenbrier Senior Living, operator Pathway Senior Living and institutional equity provider Och-Ziff Real Estate. When complete, the three-story, 94,333-square-foot building will sit on a five-acre parcel.
Aron Will, executive vice president of CBRE National Senior Housing, and Mark Tran, senior vice president of the CBRE Debt & Structured Finance team, secured the five-year, floating-rate construction loan with 39 months of interest-only payments through a regional bank.
Chicago-based Greenbrier, an affiliate of Evergreen Real Estate Services, is a privately held real estate company focused on the development of seniors housing communities.
Pathway Senior Living is a privately held, Chicago-based seniors housing operator founded in 1997. The company operates 20 communities consisting of over 1,300 assisted living units and over 600 apartments in the Chicago area and Wisconsin.
Och-Ziff Real Estate, the real estate platform at Och-Ziff Capital Management Group LLC, makes investments in real estate and real estate related assets across North America and Europe.