PARK RIDGE, Ill. — CBRE National Senior Housing has arranged financing on behalf of Capitol Seniors Housing (CSH) for the acquisition of The Summit of Uptown, a 147-unit independent living and assisted living community located in Park Ridge, a suburb of Chicago.
CBRE secured a $27.9 million, non-recourse, floating-rate bridge loan that includes a five-year term with 36 months of interest-only payments from a regional bank.
Total proceeds includes a loan of $21.7 million for the acquisition of the property along with a loan of $4.2 million for planned capital improvements and a $2 million earnout feature.
CSH, a seniors housing investment company, plans to convert 28 independent living units to assisted living and add 21 memory care units. Once complete, the community will feature a fortified memory care wing and can provide its residents with a full continuum of care.
CSH will lease the community to Atlanta-based operator The Arbor Company.