CHICAGO — Harrison Street Real Estate Capital LLC, a private equity firm, has purchased the “Nellie Black” property at the former Children’s Memorial Hospital in the Lincoln Park neighborhood of Chicago. Harrison Street plans to partner with operator Belmont Village Senior Living to convert the property into a seniors housing property named Belmont Village Lincoln Park.
The new community will feature 160 assisted living and memory care units and will be part of the larger Lincoln Common mixed-use development. Co-developed by McCaffery Interests and Hines, when completed Lincoln Commons will consist of two 19-story luxury apartment buildings with a total of 540 units, up to 60 low-rise condominiums, and approximately 160,000 square feet of retail and commercial space.
Belmont Village Lincoln Park is scheduled for groundbreaking in early 2017 for completion near the end of 2018. Belmont Village will operate the community upon completion, marking the company’s fifth Chicagoland property.
Harrison Street and Belmont Village are also developing two communities in California totaling 315 units.