CBRE Secures HUD Construction Financing in Illinois

Illinois’ Lake County is getting a new post-acute/transitional care facility, helped by a $25.92 million HUD construction loan arranged by Aron Will and Mark Tran of CBRE. Innovative Health obtained the 40-year loan, which featured an 18-month construction period and was provided through CBRE’s HUD 232 direct lending program.

Innovative’s new 185-bed facility will replace the previous county-owned skilled nursing facility, at a development cost of approximately $30 million, or $162,200 per bed. The new location (expected to open in mid-2020) sits within five miles of Advocate Condell Medical Center, a 215-bed medical campus that was named a “Best Hospital” by U.S. News & World Report.

 

 

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