Aron Will of CBRE brought together a joint venture between Harrison Street Real Estate Capital and Belmont Village Senior Living, and a national bank to arrange construction financing for the development of a brand-new assisted living/memory care community in Lincoln Park, Illinois. The project got its start in 2016, when Cain Brothers arranged the sale of a property adjacent to the former Children’s Memorial Hospital campus, which is currently undergoing a $350 million redevelopment run by McCaffery Interests and Hines Interests. The massive project will include 540 apartments in two 11-story buildings, 60 luxury condos and 162,000 square feet of retail space.
Across the street, however, the senior living community will feature 149 units in seven stories. For seniors looking for assisted living services but still within an urban environment, the community should check a lot of their boxes. It’s also just a few blocks from Lake Michigan. Upon completion, Belmont Village will operate the community. To fund it, Mr. Will secured a non-recourse, four-year floating rate loan from said national bank.
