Red Oak provided $2,700,000 in financing for the purchase of an existing 64-unit licensed adult living facility on the southside of Chicago, IL in Hazel Crest. The borrowers are highly experienced and negotiated a below-market sale for the property at 3701 W 183rd St., which had been operated by the current owner for many years. The property is fully licensed and operating, however one of the four “wings,” representing 16 rooms, is currently not in operating condition.
The building is a Class A structure, but in need of minor interior repairs and updates, including carpeting and paint, which will be completed as part of this financing transaction. The site is within a high-density residential and commercial area with numerous supporting business operations surrounding it. The anticipated repairs will take approximately 4 to 6 months, at which time the borrowers will refinance the property once it is fully operational.