ROLLING MEADOWS, ILL. — Greystone has provided a $16.8 million HUD LEAN 232/223(f) green loan for the refinancing of Plum Creek at Rolling Meadows. The 102-unit supportive living facility is situated in the Northwest Chicago suburb of Rolling Meadows. The three-story property was constructed in 1986 as a hotel and converted into supportive living in 2006. The supportive living program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing.
Adam Lipkin and Michael Zukerman of Greystone originated the 35-year loan. Brent Connell of Geneva Capital acted as correspondent on the transaction. The owner committed to implementing green improvements that will result in an estimated 15 percent in energy savings and 10 percent in water savings annually, amounting to projected savings of over $20,000 per year. The new HUD-insured green seniors housing program can cut closing costs by 75 basis points and reduce the interest rate by almost half a percent, according to Greystone.