CW Senior Housing Capital Markets Arranges Sale of Stabilized Entrance Fee CCRC in Chicago MSA

Click to enlarge
As advisor to a venture between Westminster Capital and LCS, Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of Wyndemere, a 432-unit entrance fee continuing care retirement community located in Wheaton, Illinois, an affluent suburb of Chicago. ROC Seniors Housing, a private equity real estate manager, was the buyer and entered into a new joint venture with LCS on the acquisition of the asset. Life Care Services, the management arm of LCS, will also continue to manage the community. The transaction represents one of the only premier entrance fee CCRC transactions over the last decade. 

Wyndemere is a 432-unit continuing care retirement community located on a 25.4 acre campus in suburban Wheaton, Illinois and consists of 237 independent living units, 65 assisted living units and 130 skilled nursing units. The independent living units are comprised of 211 apartment units and 26 townhomes. The community, which was largely built out in the 1990’s, was acquired by the seller in 2010 from a regional non-profit hospital system.
C&W also arranged the first mortgage non-recourse acquisition financing with Bank of America. Financing terms included a 3-year term and a favorable loan-to-value. 

The Cushman & Wakefield team involved in this transaction included Executive Managing Director Richard Swartz, Managing Director Jay Wagner, Senior Director Aaron Rosenzweig and Associate Stuart Kim.

“We were very pleased with the execution of this disposition,” commented Rick Swartz. “Entrance fee CCRCs, particularly ones that are stabilized, historically have not been a widely traded asset class, and this process demonstrated that there is indeed capital markets appetite for the right properties.”