X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets and the multifamily market .)

STERLING, IL-Wilkinson Development, a subsidiary of Yakima, WA-based Wilkinson Corp., has started construction on Grand Victorian Sterling, an assisted living facility, here. Wilkinson received a $7.6-million construction loan from Key Bank and Fifth Third Bank. BlueStone Real Estate Capital, based in Philadelphia, secured the loan.

The loan to value is 85%, says Matthew McManus, chairman of BlueStone. The term of the loan is four years with interest only for the 48-month period and an interest rate of 7.7%.

Wilkinson also plans to construct Grand Victorian assisted living facilities in Pekin, IL and Washington, IL. Each of the facilities will have 244 units, McManus says. Key Bank and Fifth Third Bank is providing $8 million in financing for both the Pekin and Washington facilities with a loan-to-value of 85%, McManus says. Wilkinson is expected to close this month on the $16-million financing, he says.

Good Neighbor Care, a subsidiary of Wilkinson Corp., will manage the facilities. Good Neighbor Care manages 49 properties including the Grand Victorian Rockford, 3495 McFarland Rd., Rockford, IL; and Grand Victorian Sycamore, 1440 Somonauk St., Sycamore, IL.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.