Finance N Illinois

HFF secures financing for Deerfield independent living development

HFF secures financing for Deerfield independent living development,ph01
The Weinberg Community for Senior Living in Deerfield, Illinois.

Holliday Fenoglio Fowler, L.P. (HFF) has secured financing for an independent living community in the northern Chicago suburb of Deerfield, Illinois. The HFF team worked on behalf of affiliates of Banner Senior, LLC, the managing partner of a joint venture partnership that is developing the facility, to arrange joint venture equity through Harrison Street. Additionally, HFF worked on behalf of the new partnership to secure a $55.6 million, four-year, floating-rate construction loan through a national bank.

The 240-unit, six-story Deerfield Senior Residences will be located on a 5.17-acre parcel adjacent to the Weinberg Campus for Senior Living at Lake Cook Road adjacent to the entrance to Interstate 294, which provides access to the northern Chicago suburbs, O’Hare International Airport and the CBD. The location is also within four miles of Northshore University Health Glenbrook Hospital and Northwestern University’s Glenview outpatient facility.

The Weinberg Campus is managed and operated by CJE SeniorLife, an affiliate of the Jewish Federation of Metropolitan Chicago. CJE will also manage and operate the new Deerfield Senior Residences. Currently, the Weinberg Campus is home to 125 assisted living units and 40 memory care units, which are fully occupied, as well as adult day care services serving more than 100 clients per week. Due for completion in the summer of 2020, this new, best-in-class independent living component will complement the existing facilities and will provide a continuum of care for seniors in the area.

Deerfield Senior Residences will offer an expansive amenities package, including two dining venues, a large multi-purpose room, library/reading area, theater, creative arts studio, fitness/wellness center, courtyard and indoor pool. In addition, services offered will include a flexible monthly dining services allowance, life enrichment programming, weekly housekeeping, scheduled transportation and valet parking service. Units will comprise a mix of studio, one- and two-bedroom layouts averaging 953 square feet.

The HFF capital placement team representing the borrower included managing director Matthew Schoenfeldt and director Sarah Anderson.