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Whitehall Nursing Center Refinanced for $13M

DEERFIELD, IL-The new loan is 13% higher than the price paid by the limited liability corporation that bought the 180-bed skilled care facility at 300 Waukegan Rd. less than two years ago.

By Mark Ruda | Updated on May 06, 2005

DEERFIELD, IL-The owners of Whitehall North Nursing Center have refinanced the 180-bed skilled care facility at 300 Waukegan Rd., replacing debt used to acquire the property in late 2003. Whitehall North Property, LCC got a loan of nearly $12.7 million at 5.25% from Cambridge Realty Capital Ltd. of Illinois, according to the company and property records.

The new mortgage is a 35-year HUD Section 232 insured loan, according to Cambridge Realty Capital. Located on four acres across the street from the Briarwood Country Club, the nursing home changed hands less than two years ago for $11.2 million. “The new ownership group…plans or has completed a variety of improvements aimed at positioning the facility as one of the premiere rehab center serving Chicago’s affluent North Shore area,” says Cambridge Realty Capital chairman Jeffrey A. Davis.

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