Aron Will of CBRE National Senior Housing arranged a pair of construction loans on behalf of a joint venture between Pathway Senior Living and Virtus Real Estate Capital to build two senior living communities. First, the joint venture will build a $34.4 million community in Westmont, Illinois with 75 assisted living units and 34 memory care units to be financed with a $24.075 million loan. And second is a $26.2 million project with 120 assisted living units in Lake Zurich, Illinois funded by $18.313 million in construction financing. Both floating rate loans feature four-year terms with 36 months of interest only and were placed with a regional bank. Pathway will manage the two properties as well, adding to the company’s existing 1,300 assisted living units and over 600 senior apartments under operation in Chicagoland and Wisconsin. With four projects in various stages of development in Chicagoland, Pathway has a robust development pipeline as well, having already developed 22 seniors housing communities since 1997.
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