Chicago Affordable Senior Living Gets $14M Refi

The Pointe at Kilpatrick is part of a financial assistance program.

Image by Richard Sagredo via Unsplash.com

Image by Richard Sagredo via Unsplash.com

Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick, an 83-unit affordable senior living facility in Crestwood, Ill. The loan carries a 35-year, fixed-rate term.

The Pointe at Kilpatrick is part of a financial assistance program, which makes the property affordable to seniors over the age of 65. The Supportive Living Program was developed by the state of Illinois as an alternative to nursing home care for low-income seniors, providing affordable housing with assistive services and promoting the independence and wellness of residents.

The affordable community features supportive living, assisted living and memory care units. Senior living services include on-site therapy, wellness checks, pharmacy services, medication management, personal assistance with activities of daily tasks, ongoing health monitoring, personalized care plans and 24-hour staffing by certified nursing assistants. The community also provides laundry, housekeeping, maintenance and transportation services.

The 2003-built Pointe at Kilpatrick comprises 122 beds in 83 units with studio, one- and two-bedroom floorplans that range between 435 and 675 square feet. Common-area amenities include a fitness center, a library, a community room, a therapy room, a jacuzzi spa, an outdoor gazebo, a landscaped courtyard with a pond, walking paths and large lounge areas.

The Point at Kilpatrick is in Cook County, at 14230 Kilpatrick Ave., an area with multiple retail centers, dining options and green spaces. The community is situated near the junction of Route 83 and Interstate 294, which provide easy access across the Chicago area.

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