CBRE Provides $25.9M Development Financing for Skilled Nursing Facility in Illinois

MUNDELEIN, Ill. — CBRE has provided $25.9 million in HUD financing for the development of Transitional Care of Lake County, a 185-unit skilled nursing facility.

Located in Mundelein, a village between Chicago and Milwaukee, the project is within five miles of Advocate Condell Medical Center, a 215-bed medical campus which was named a Best Hospital by U.S. News & World Report.

The borrower is Innovative Health, a Chicago-based post-acute operator. The project will replace the existing county-owned Winchester House.

Aron Will of CBRE National Senior Housing and Mark Tran of CBRE Capital Markets HUD Business Unit arranged the financing package through its HUD direct lending program. The financing is structured as a 40-year permanent loan and an 18-month construction loan.