Focus Healthcare Partners acquired a large senior living community near Chicago, Illinois, thanks to a bank loan arranged by CBRE. The target, Lexington Square of Elmhurst, was built in 1990 about 20 miles west of downtown Chicago. It features a total of 348 units of independent living and assisted living in an entrance-fee CCRC model. However, after rebranding the community as The Roosevelt at Salt Creek, Focus Healthcare Partners will execute a significant capital improvement plan and convert the community to a rental model. The community will also feature a fitness center, swimming pool, billiards lounge and barber, among other amenities.
Aron Will, Matt Kuronen and Michael Cregan originated a five-year acquisition loan through BMO to fund the transaction. Dan Revie of Ziegler handled the sale.
