WESTMONT and LAKE ZURICH, Ill. — CBRE has arranged a $45.7 million refinancing for Aspired Living of Westmont and Azpira Place of Lake Zurich, both seniors housing communities outside of Chicago.
The borrower is a joint venture between Virtus Real Estate Capital and Pathway to Living, the latter of which will continue to operate the communities.
Aspired Living of Westmont is a 107-unit assisted living and memory care community in the affluent submarket of Westmont, approximately 25 miles west of Chicago. Within a five-mile radius of the community the average household income is $126,000, according to CBRE.
Azpira Place of Lake Zurich is a 120-unit assisted living community approximately 45 miles northwest of Chicago in Lake Zurich. Within a five-mile radius of the community the average household income is $158,000, according to CBRE.
Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing secured the five-year floating-rate loan with 36 months of interest-only payments from a regional bank.