CBRE Arranges $24M Construction Loan for New Community in Illinois

by Jeff Shaw

WESTMONT, Ill. — CBRE National Senior Housing has arranged a $24 million loan for the construction of Aspired Living of Westmont, a 109-unit assisted living and memory care community in the Chicago suburb of Westmont.

A joint venture of Pathway Senior Living and Virtus Real Estate Capital is developing the community, which will include 75 assisted living units and 34 memory care units in a 123,000-square-foot facility on a 3.58-acre plot.

CBRE secured a four-year, floating-rate construction loan with 36 months of interest-only payments. The loan was placed through a regional bank.

Pathway Senior Living is a privately held, Chicago-based seniors housing operator founded in 1997.

Founded in 2003, Austin, Texas-based Virtus Real Estate Capital is a private equity sponsor.

Aron Will, executive vice president of CBRE National Senior Housing, arranged the financing.

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