Greystone Provides Green Refi for Chicago Senior Community
The improvements will result in 15 percent in energy savings and 10 percent in water savings per year.
Greystone has provided a $16.8 million loan to Rolling Meadows Supportive Care LLC for the refinancing of Plum Creek at Rolling Meadows, a 102-unit senior housing community in Rolling Meadows, Ill. Vice President Adam Lipkin and Managing Director Michael Zukerman originated the 35-year, HUD LEAN 232/223(f) green financing, while Geneva Capital’s Brent Connell acted as the transaction’s correspondent.
Plum Creek at Rolling Meadows serves seniors over the age of 62. Completed in 2006, the supportive living facility was initially built in 1986 as a hotel property. Common-area amenities include outdoor gathering areas, restaurant-style dining, a café, a game room, a theater room, lounge areas, an arts and crafts center and a library. Services provided feature 24/h certified nursing assistants, an emergency alert response system, complimentary transportation, medication management, housekeeping and laundry assistance, among others.
The green improvements planned by the owner will result in 15 percent in energy savings and 10 percent in water savings per year. The overall savings are estimated at $20,000 annually.
The community is at 2801 W. Algonquin Road, north of Interstate 90, which provides direct access to downtown Chicago. Northwest Community Hospital, Busse Woods and Woodfield Mall are within a 3-mile radius, while O’Hare International Airport is 12 miles away.
Greystone Monticello, the lending platform created by Greystone and MONTICELLOAM, recently provided financing for the $150 million acquisition of eight supportive living facilities in Illinois. The properties total 921 beds.