CBRE Capital Markets’ National Senior Housing has arranged $42 million in construction financing for Aspired Living of Westmont and Azpira Place of Lake Zurich.
CBRE worked on behalf of a joint venture between Pathway Senior Living and Virtus Real Estate Capital to obtain two non-recourse loans—$18.3 million for Azpira Place of Lake Zurich and $24 million for Aspired Living of Westmont. The four-year floating rate construction loans with 36 months of interest only were secured through a regional bank.
Aspired Living of Westmont is a planned Class A assisted living/memory care facility that will consist of 32 memory care units. The 123,000-square-foot, three-story building will be situated on a 3.58-acre parcel in the south end of the Village of Westmont, an affluent neighborhood located approximately 18 miles west of the Chicago Loop.
Azpira Place of Lake Zurich is a planned Class A assisted living/supportive living facility that will consist of 120 assisted living units. The 105,000-square-foot, three-story building will be situated on a 5.82-acre parcel in the west end of Lake Zurich, a mature, affluent suburb 33 miles northwest of the Chicago Loop.
Pathway Senior Living is a privately held, Chicago-based senior housing company founded in 1997 and managed by an experienced team dedicated to improving the lives of older adults. The company operates 20 senior communities consisting of over 1,300 assisted living units and over 600 senior apartments in the Chicago area and Wisconsin.
CBRE’s Aron Will and Austin Sacco represented the joint venture in the loan originations.
