Cushman & Wakefield Negotiates Sale of Newly Built Community in Prospect Heights, Illinois

PROSPECT HEIGHTS, Ill. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the sale of The Grandbrier at Prospect Heights, a 101-unit assisted living and memory care community in the Chicago suburb of Prospect Heights.

An affiliate of Oz Real Estate sold the community to a joint venture between Virtus Real Estate Capital and the community’s existing operator, Pathway to Living. 

Although the price was not disclosed, CBRE arranged $28.1 million in acquisition financing for the buyers. Aron Will arranged the non-recourse, five-year, floating-rate loan with 36 months of interest-only payments through a regional bank.

Built in 2017, The Grandbrier at Prospect Heights comprises 69 assisted living units and 32 memory care units. 

The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Timothy Hosmer.