Updated Oct 29, 2024
Greystone Grants $16.8M HUD Loan For Refinance Of Illinois Supportive Living Facility
2801 W Algonquin Rd Rolling Meadows, IL 60008, USA
$16,800,000
Units
102
Asset Type
Senior Housing
Closing
Aug 16, 2023
About this deal
AI
The Plum Creek at Rolling Meadows, a Senior Housing facility located at 2801 Algonquin Road in Rolling Meadows, Illinois, has secured a $16.8 million HUD LEAN 232/223(f) green loan from Greystone for the purpose of refinancing. The property spans over 1.46 acres and consists of 102 units.
Summary of transaction details
- Property Type: Senior Housing
- Transaction Amount: $16,800,000
- Address: 2801 Algonquin Road
- Market: Rolling Meadows
- Units: 102
- Acres: 1.46
Greystone, represented by Adam Lipkin and Michael Zukerman, is the lender that provided the $16.8 million loan for the refinancing of Plum Creek at Rolling Meadows. This HUD-insured green seniors housing program allows for the implementation of "green" upgrades, projected to save over $20,000 annually for the facility.
Players
Algonquin Senior Housing Market Snapshot
Boundary boundary · Senior Housing · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93