BMO Harris Facilitates $51M Term Facility for Illinois CCRC with 84 Skilled Beds
BMO Harris Bank’s Real Estate Finance Group announced that it closed on a $51 million facility for Arcapita, Senior Care Development, and LCS to finance the recapitalization of Sedgebrook, a continuing care retirement community in Lincolnshire, Ill.
LCS is the parent company of Life Care Services, and has managed the property through that affiliate since it was acquired in 2010 by Senior Care Development and Fundamental Advisors. The facility has 84 skilled nursing units, along with 467 independent living and 38 assisted living units.
The property was acquired during a time of financial distress, and Senior Care Development and Fundamental Advisors were able to stabilize the community through a series of strategic initiatives, according to a press release announcing the $51 million facility.
The recapitalization brings in LCS and Arcapita, which has invested $1.6 billion in the seniors housing industry since 2001, as investors.
The residents are unlikely to see any changes or impacts, particularly since the current manager is now part of the ownership/operations team, Imran Javaid, managing director of BMO Harris Healthcare Real Estate Finance, told SNN in an email.
Written by Maggie Flynn