Chicago-Area Senior Housing Lands $21M Refi

HarborChase of Naperville, Image via Google Street View

Affiliates of Bourne Financial Group and HRA Senior Living have secured a $21 million Freddie Mac loan for the refinancing of HarborChase of Naperville, a 101-unit assisted living and memory care community in Naperville, Ill. Bellwether Enterprise Real Estate Capital originated the financing, the owners’ first Freddie Mac loan.

The 10-year loan refinances the construction debt of the recently built community, which maintains prepayment flexibility with interest savings. It has a 5-year interest-only period and less than 3 percent variable rate financing.

Community details

HRA Senior Living manages the two-story community and provides assisted living, memory care and respite care. Property amenities include chef-prepared meals, indoor and outdoor communal spaces, laundry and transportation services and entertainment activities.

Located at 1619 N. Mill St., the property is some 4 miles north of downtown Naperville and across the street from Nike Park. Cress Creek Country Club is roughly 2 miles southwest of the community, while several other retail, dining and entertainment options are available within a 1-mile radius.

BWE’s National Director Ryan Stoll and Senior Vice President Taylor Mokris, based in the firm’s Denver and Charlotte, N.C., offices, originated the loan. 

Although senior housing was one of the hardest-hit real estate sectors, the industry bounced back quicker than expected. The debt capital markets have continuously improved throughout 2021, and there’s attractive capital for acquisitions, new development, or permanent financing, John Sweeny, senior vice president of CBRE Senior Housing Capital Markets, told Multi-Housing News in an interview.