HFF Arranges $55.6M Construction Financing for 240-Unit Community Near Chicago

DEERFIELD, Ill. — HFF has arranged a financing packagefor the development of Deerfield Senior Residences in Deerfield, approximately 30 miles north of Chicago.

Banner Senior LLC is developing the 240-unit, six-story, luxury independent living community. 

The property will be located on a 5.2-acre parcel adjacent to the Weinberg Campus for Senior Living. CJE SeniorLife, an affiliate of the Jewish Federation of Metropolitan Chicago, manages that campus and will also operate Deerfield Senior Residences once completed. 

Currently, the Weinberg Campus is home to 125 assisted living units and 40 memory care units, which are fully occupied, as well as adult day care services serving more than 100 clients per week.

Representing Banner, HFF arranged an undisclosed amount of joint venture equity through Harrison Street and a $55.6 million, four-year, floating-rate construction loan through a national bank. The HFF capital placement team representing the borrower included Matthew Schoenfeldt and Sarah Anderson.

The project is due for completion in the summer of 2020.