CHICAGO — Fundamental Advisors has sold The Clare at Rush and Pearson, a 53-story continuing care retirement community (CCRC) in downtown Chicago, to LCS.
Although the price was not disclosed, BMO Harris provided $59.4 million in financing for the transaction.
Fundamental partnered with Senior Care Development (SCD) and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center while augmenting programs and services for residents. Additionally Life Care Services, the management arm of LCS, was brought in to operate the community.
During the years since the acquisition, occupancy increased from 34 percent to 98 percent.
“Our team is proud to have transformed The Clare into a thriving community, and we are confident that the facility will continue to be in great hands under the ownership of LCS,” says Laurence Gottlieb, chairman and CEO of Fundamental.
The Clare features three on-site restaurants and also provides residents with lectures from partnerships with Loyola University, Northwestern University’s Osher Lifelong Learning Institute and the Center for Life and Learning at Fourth Presbyterian Church.
Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller in the transaction.