A group of real estate firms has sold a Near North Side luxury senior living tower for almost twice what it paid eight years ago, reaping the reward from a renovation and taking the building from mostly empty to nearly full.
79彩票注册网址A venture led by New York-based Fundamental Advisors and Harrison, N.Y.-based Senior Care Development sold the 53-story tower at 55 E. Pearson St., the firms announced. The companies did not disclose the sale price, but sources familiar with the deal said the building traded for $105 million.
The 248-unit property, known as the Clare, was sold to Des Moines, Iowa-based LCS, the nation's second-largest operator of senior living communities. LCS already had a stake in the venture that is selling the building at the corner of Rush and Pearson streets. And a division of LCS has managed the building since the venture purchased it for $53.5 million in a 2012 bankruptcy court auction.
The building was almost two-thirds empty at the time of that sale, which came after the tower's original developer, Homewood-based Franciscan Sisters of Chicago, defaulted in late 2011 on a $229 million mortgage. Fundamental Advisors and SCD slashed prices for units in the tower and made other big changes that helped bring the building to 98 percent occupancy today, according to a statement from the firms. Cook County property records show the sellers refinanced the building with a $30 million loan in March 2017.
79彩票注册网址"We have positioned the Clare for long-term sustainable success," SCD CEO David Reis said in the statement. SCD will retain a minority interest in the property.
LCS is betting on the popularity of the real estate sector as aging baby boomers seek more senior living options. Developers have added lots of new supply in recent years, watering down profits for some. But many high-end senior communities have thrived with offerings that include rehabilitation, skilled nursing, assisted living and memory care facilities.
The Clare was meant to capitalize on that trend when it opened in 2008 with a $272 million cost, before it was thwarted by the Great 79彩票注册网址, like many other luxury residential properties.
79彩票注册网址SCD, Fundamental and LCS have teamed up to turn around other distressed retirement communities in the Chicago area. The investors bought the 362-unit Monarch Landing senior community in suburban Naperville and 601-unit Sedgebrook community in Lincolnshire in 2010, eventually selling them for a substantial gain in 2018.7072彩票开户 7073彩票地址 963彩票开户 7073彩票网址 689彩票邀请码 7073彩票注册 8炫彩彩票app 677彩票开户 7073彩票登录 66顺彩票app