BOSTON, MA (September 1, 2017) — Cushman & Wakefield Senior Housing Capital Markets Group, advising a joint venture of Senior Lifestyle Corporation and AEW Capital Management, has arranged the sale of North Shore Place, a 156-unit assisted living and memory care community located in the town of Northbrook, IL, at the crossroads of the wealthiest communities north of Chicago. The 100% occupied community was purchased for $109.5 million by Blue Moon Capital Partners who will retain Senior Lifestyle as manager.
North Shore Place was delivered in 2014 as a best-in-class luxury community with 116 assisted living units and 40 memory care units and has been fully occupied with a wait list since the end of 2016. The property’s five-story brick and stone façade displays exceptional visibility and curb appeal. Its wide range of amenities include formal and casual dining options, outdoor seating, a bistro, a library, theatre, salon, fitness center, on-site physical therapy as well as occupational and speech therapy. The community’s grand piano lobby, restaurant-style fine dining, 24-hour concierge, billiards and card lounge compliment the units which feature granite countertops, stainless steel appliances and rod-iron balconies.
The competitive sale process was made more enticing by the upside potential of expanding the property and adding a standalone memory care facility on excess land, allowing the relocation of existing memory care operations in order to increase the assisted living unit mix in the original building. The opportunity has already received site plan approval and the lack of available land in Northbrook and the difficulty to build in the municipality added tremendous value to the already highly-pursued asset.
The Cushman & Wakefield team involved in the transaction included Executive Managing Director Richard Swartz, Executive Director Jay Wagner, Director Jim Dooley and Associate Caryn Miller. In addition to the sale, Jay Wagner, Senior Director Aaron Rosenzweig and Director Tim Hosmer arranged acquisition financing on behalf of the buyer.
“North Shore Place is one of those iconic properties, widely regarded as one of the best senior housing communities in the nation and the bidding reflected that. The competition was some of the most aggressive we’ve seen.” said Wagner “. “The market recognized that this opportunity represented a trifecta for buyers, a superb physical product with expansion capability, a high visibility location in one of the best markets in the country and management by one of the premier operators in our industry, Senior Lifestyle.” added Swartz.
ABOUT SENIOR LIFESTYLE CORPORATION Senior Lifestyle Corporation (“SLC”) is the largest privately held operator of senior housing assets in the United States and the seventh largest senior housing manager overall. Founded in 1985, SLC now operates 174 communities in 27 states with regional support and expertise from over 9,000 employees. Their diverse portfolio demonstrates SLC’s ability to operate in different regions as well various economic levels ranging from affordable and Medicaid facilities to best-in-class luxury private pay communities. As a sophisticated organization, Senior Lifestyle is a recognized industry leader with a wide array of institutional capital partnerships including public and private REITs and private equity groups.
ABOUT BLUE MOON CAPITAL PARTNERS
Blue Moon Capital Partners is a private equity platform exclusively focused on senior housing investments across the United States. Blue Moon matches institutional capital with leading senior housing operating companies who are preparing to meet the dramatic growth in resident demand expected over the next decade. Blue Moon’s co-founders, Kathryn Sweeney and Susan Barlow, have assembled an experienced team that bring complementary investment, fiduciary and operational capabilities to the platform and who are investing on behalf of investors in the firm’s initial fund – Blue Moon Senior Housing I.
ABOUT CUSHMAN & WAKEFIELD
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman and Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.