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Pathway to Living buys Prospect Heights senior facility for $34M
The Evergreen Real Estate Group sold the 101-unit building about a year after it opened
Senior housing operator Pathway to Living paid $33.8 million to buy the 101-unit assisted-living and memory care facility it runs in northwest suburban Prospect Heights.
The Chicago-based Evergreen Real Estate Group sold the Grandbrier of Prospect Heights on Sept. 13, about 15 months after opening the building at 708 North Elmhurst Road, according to Cook County property records. Pathway to Living has been managing the facility since it opened.
On Thursday, Pathway to Living secured a $26.6 million mortgage on the property from Synovus Bank, records show.
Grandbrier of Prospect Heights includes a three-story, 69-unit independent and assisted living facility, as well as a single-story, 32-unit building for residents with Alzheimer’s or other forms of dementia, according to a press release issued for the opening last year.
Pathway to Living manages 17 facilities around Illinois, as well as two in Wisconsin and one each in Michigan and Minnesota.
The Prospect Heights project is among several recent developments aimed at seniors. Artis Senior Living is now building a 136-unit facility in Chicago’s Lakeview neighborhood, and Ryan Companies has proposed 265 senior apartments in Portage Park’s Six Corners district.
A spokesperson for Pathway to Living did not immediately respond to a request for comment.