Harrison Street and Dial Retirement Communities secured a refinance for their seniors housing property in Batavia, Illinois (Chicagoland), thanks to the team at Newmark. The Landings, which opened in Spring 2021, features 142 units of independent living, assisted living and memory care. It was very well occupied, at 96% with a waitlist.
The borrowers wished to refinance the construction loan on the property and obtained a new bank loan with a three-year term, full term of interest only and amortization. It was also a non-recourse loan, but the amount was not disclosed. There was a competitive interest rate.
