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.