BWE arranged $37 million in non-recourse financing on behalf of Focus Healthcare Partners to finance the acquisition and repositioning of a 293-unit full-continuum senior living community in the Chicago MSA.
Hearthwood Senior Living is situated on a 37-acre expansive site in Bartlett, Illinois, and is operated by Life Care Services, following a transition from a former non-profit owner/operator.
Ryan Stoll, National Director of Seniors Housing and Care, and Taylor Mokris, Senior Vice President of Seniors Housing and Care, arranged the financing. The financing will adequately lever Focus’s previously all-cash acquisition of the campus and fund more than $15 million in capital improvements which includes a refresh to the lobby and amenity area, known as “The Commons”. In addition to adding a bistro, modern theater and new dining room, Focus will also upgrade paint and lighting in the corridors, as well as refresh all units as they become available for rent.
Ultimately, BWE delivered a new scalable regional bank lending relationship for Focus along with terms that far exceeded their expectations.
Hearthwood offers a variety of thoughtfully designed residential options on an expansive 37-acre campus. These include independent living, assisted living, memory care, and skilled nursing. Spacious apartment layouts and private cottages feature modern conveniences such as full kitchens, in-unit laundry, ample storage, and patio or balcony spaces, allowing residents to enjoy a comfortable and independent lifestyle. The campus is operated with a hospitality-driven approach that prioritizes service, comfort, and an elevated resident experience. In addition, the sponsor’s significant capital improvement plan is focused on refreshing the community and enhancing the amenities for the residences.
