DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces financing for the development of Deerfield Senior Residences, a 240-unit, six-story, luxury independent living community in the northern Chicago suburb of Deerfield, Illinois.
The HFF team worked on behalf of affiliates of Banner Senior, LLC (“Banner”), the managing partner of a joint venture partnership that is developing the facility, to arrange joint venture equity through Harrison Street. Additionally, HFF worked on behalf of the new partnership to secure a $55.6 million, four-year, floating-rate construction loan through a national bank.
Deerfield Senior Residences will be located on a 5.17-acre parcel adjacent to the Weinberg Campus for Senior Living at Lake Cook Road adjacent to the entrance to Interstate 294, which provides access to the northern Chicago suburbs, O’Hare International Airport and the CBD. The location is also within four miles of Northshore University Health Glenbrook Hospital and Northwestern University’s Glenview outpatient facility. The Weinberg Campus is managed and operated by CJE SeniorLife, an affiliate of the Jewish Federation of Metropolitan Chicago. CJE will also manage and operate the new Deerfield Senior Residences. Currently, the Weinberg Campus is home to 125 assisted living units and 40 memory care units, which are fully occupied, as well as adult day care services serving more than 100 clients per week. Due for completion in the summer of 2020, this new, best-in-class independent living component will complement the existing facilities and will provide a continuum of care for seniors in the area.
Deerfield Senior Residences will offer an expansive amenities package, including two dining venues, a large multi-purpose room, library/reading area, theater, creative arts studio, fitness/wellness center, courtyard and indoor pool. In addition, services offered will include a flexible monthly dining services allowance, life enrichment programming, weekly housekeeping, scheduled transportation and valet parking service. Units will comprise a mix of studio, one- and two-bedroom layouts averaging 953 square feet with fully equipped kitchens, granite countertops, stainless steel appliances, wood flooring, walk-in closets, washers and dryers, balconies and emergency call system capabilities. In addition, the project will feature a 50,000-square-foot parking garage with 177 spaces and an additional 113 outdoor surface parking spaces.
The HFF capital placement team representing the borrower included managing director Matthew Schoenfeldt and director Sarah Anderson.
About Banner Senior, LLC: Banner Senior, LLC is an affiliate of Banner Real Estate Group, a fully integrated real estate operating company based in Northbrook, Illinois, focusing on the acquisition, management and development of multifamily properties and the development of seniors housing and self-storage facilities nationwide. Since its initial founding in 1989, Banner has acquired and operated 46 multifamily properties and has developed 19 self-storage facilities and apartment communities, collectively worth over $1.3 billion. For information, visit bannerrealestategroup.com
About CJE SeniorLife: Since 1972, CJE SeniorLife has enhanced the lives of older adults and their families through an innovative, comprehensive network that includes life enrichment programs, supportive resources, healthcare, research and education. Its facilities are home to more than 800 older adults, and through its home and community-based services, impacts the lives of almost 20,000 Chicagoans every year. For more information about CJE services, call 773-508-1000 or visit cje.net
About Harrison Street: Harrison Street is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment strategies across multiple risk/return platforms. Headquartered in Chicago, the firm employs a 125-person team with approximately $17.2 billion in assets under management. For more information, please visit harrisonst.com
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.