Illinois Senior Living Assets Sell for $150M
Greystone Monticello originated financing and advised both the buyer and seller.
Grand Lifestyles, a Skokie, Ill.-based company, has expanded its senior housing portfolio with the acquisition of eight supportive living facilities in Illinois. The properties, which total 921 beds, were purchased from Pathway to Living for $150 million.
Greystone Monticello, a bridge lending platform for the multifamily and senior housing sectors, provided a two-year bridge loan that is expected to transition to long-term, fixed-rate financing with Greystone. Greystone and MONTICELLOAM formed the joint venture as a one-stop shop provider of capital finance products in May 2021. Greystone Senior Managing Director Eric Rosenstock worked with the buyer and seller on the transaction and originated the bridge financing.
Greystone’s bridge to Agency/HUD platform provides a way for owners of senior housing, skilled nursing and supportive living spaces to get the most out of their portfolios and provide quality housing solutions to their residents, Rosenstock said in prepared remarks.
SLFs provide a gap in much-needed services for affordable senior housing in Illinois, where they were developed by the state as an alternative to nursing home care for low-income seniors requiring mid-range care rather than skilled nursing care, said Rosenstock. He further noted that Greystone Monticello’s experience in the asset type enables the firm to provide creative financing structures and exit solutions for both buyers and sellers.
The SLF properties had been owned by Chicago-based Pathway to Living, a Waterton company. In January 2019,Waterton, a national multifamily and hospitality investment and property management firm, acquired a controlling interest in Pathway to Living. At that time, Pathway to Living owned and operated 29 senior housing properties with more than 2,600 units. Four years earlier, Waterton had purchased a 50 percent stake in the company.
With the acquisition of the Pathway to Living SLF assets, Grand Lifestyles now owns and operates 14 senior living communities in Illinois. The company has rebranded the properties as Victory Centre assets and notes on its website they offer both supportive and independent living options.
- Victory Centre of Elk Grove, 975 Martha St., Elk Grove, Ill., 114 beds
- Victory Centre of River Woods, 1800 Riverwoods Drive, Melrose Park, Ill., 125 beds
- Victory Centre of Sierra Ridge, 4150 Gatling Blvd., Country Club Hills, Ill., 120 beds
- Victory Centre of Bartlett, 1101 W. Bartlett Road, Bartlett, Ill., 104 beds
- Victory Centre of Roseland, 10450 S. Michigan Ave., Chicago, 124 beds
- Victory Centre of Galewood, 2370 N. Newcastle Ave., Chicago, 102 beds
- Victory Centre of South Chicago, 3251 E. 92nd St., Chicago, 112 beds
- Victory Centre of Vernon Hills, 97 W. Phillip Road, Vernon Hills, Ill., 120 beds