Greystone Arranges $116M Refi for Chicago Senior Housing

The Carrington at Lincolnwood offers 383 independent living, assisted living and memory care units.

Carrington at Lincolnwood. Image courtesy of Greystone

Harbert South Bay has secured a $116 million refinancing that will help it continue operating its 383-unit senior housing community in the Lincolnwood suburb of Chicago. Greystone placed the bank financing that will be used to refinance The Carrington at Lincolnwood.

The community was co-developed by South Bay Partners and Chicago’s Bluhm family, who tapped Jensen & Halstead as the architect. Located at 3501 NE Parkway, the senior housing community is also a continuum of care facility that offers 251 independent living units, 88 assisted living units and 44 memory care units, ranging from 339 to 1,030 square feet. The community’s amenities include a game room, exercise room, indoor pool, activity room, sports bar, salon, private dining, two libraries, terraces and outdoor patios, and courtyards and walking paths.

Greystone’s Cary Tremper and Matt Miller originated the transaction for SBLP Senior Living Fund I, an affiliate of Harbert South Bay. Patrick McGonigle, CEO of Harbert South Bay, said in prepared remarks that the financing will help the community remain successful and viable for years to come. Tremper previously led a Greystone team that arranged an $80 million refinancing of a 10-property senior housing portfolio.

Last year, Greystone and Monticello Asset Management formed a senior housing and health-care-focused partnership set on offering financing in the two niches.

Major senior housing merger

Harbert South Bay recently formed following Harbert Management Corp.’s acquisition of South Bay Partners that was announced in December. Harbert became the majority owner and manager of South Bay Partners and absorbed the company’s pipeline of senior housing deals and developments to its portfolio.

Before it was merged, South Bay Partners had a 25-year track record of building quality senior housing communities. The developer previously broke ground on a 336-unit luxury senior housing community in Los Angeles in February. As for Harbert, it was also working on senior housing projects, recently partnering with Watercrest Senior Living to break ground on a 98-unit senior housing community in Richmond, Va.

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