Walker & Dunlop, Inc. announced that it recently closed a $20,000,000 loan for the refinance of Cottages of New Lenox, a 80-unit, 100-bed, assisted living and memory care facility located in New Lenox, Illinois.
The refinance loan was structured with 3-years interest only using Walker & Dunlop’s interim loan program. The borrower is an affiliate of a joint venture between Chicago based Focus Healthcare Partners, LLC (“Focus”) and Artemis Real Estate Partners, LLC (“Artemis”).
John Pantone, Chicago-based senior vice president, led the Walker & Dunlop team that structured the refinance loan. Mr. Pantone stated, “Cottages of New Lenox is a prime example of Walker & Dunlop’s objective in creating a bridge lending program to allow strong sponsors like Focus and Artemis to build occupancy and revenue momentum with their properties, while keeping their long-term financial objectives in mind.” This is the second transaction that the Focus/Artemis joint venture has completed through our interim loan program.
Since acquiring Cottages of Lenox in 2012, the sponsor expanded the property’s memory care capacity to capture more of the market demand for high quality memory care and increased the allowable density by obtaining a zoning amendment allowing up to 100 beds. Additionally, the sponsor increased occupancy, improved operations and hired a new management company to oversee the property.
Located 42 miles southwest of Chicago, Illinois, Cottages of New Lenox offers five stand-alone 20-resident cottages, including one building that provides dedicated assisted living. The staff at the Cottages of New Lenox are available 24-hours a day to provide assistance with daily living. Additional amenities include personalized care, health care coordination, chef prepared meals, housekeeping, and secure courtyards while offering a home-like community and atmosphere.
