UPDATED, Aug. 2, 2021, 12:42 p.m.: A long-term care operator paid $24.6 million for an owner-occupied, 300-bed Lakeview nursing home facility.
Complete Care Management purchased the six-story building at 4920 North Kenmore Avenue, which had been called Uptown TLC Health Center. The seller was Los Angeles firm Arba Group.
Baltimore-based lender Capital Funding Group provided a $55.5 million loan to fund the acquisition, records show. The reason for the high loan amount compared to the sale price was unclear. A spokesperson for Complete Care would only say the purchase was part of a portfolio deal.
The property has been renamed as the Uptown Care and Rehab Center.
Complete Care, one of the largest operators of nursing facilities in New Jersey, also operates in Delaware, Maryland, Pennsylvania, West Virginia and Wisconsin. The company — led by Sam Stein — has another Chicago location, the Mayfield Care and Rehab Center at 5905 West Washington Boulevard.
Arba, counts shopping centers and nursing homes among its holdings, is headed by Ira Smedra and Jacob Wintner. It is also developing a large housing and retail complex in Los Angeles with partners Regency Centers and Holland Partner Group.
The Lakeview purchase comes as nursing homes and assisted living facilities across the country struggle to outlast the challenging conditions caused by the pandemic. In a recent survey of hundreds of American Health Care Association and National Center for Assisted Living facilities, only a quarter of respondents said that they are confident they will continue operating after a year or more.
Correction: Because of an editing error, a previous version of this article incorrectly identified the head of Complete Care Management in a photo.