Jackson Walker successfully represented an affiliate of its client, Virtus Real Estate Capital, in the negotiation of a joint venture with Pathway Senior Living, a Chicago-based senior housing management company, for the development and operation of two new assisted living and memory care projects comprising 227 total units in Lake Zurich and Westmont, Illinois.
Aspired Living of Westmont is a planned Class A assisted living and memory care facility that will consist of 107 units, including 34 private studio memory care apartments. The 123,000-square-foot building will be situated on a 3.58-acre parcel in the south end of the Village of Westmont, located approximately 18 miles west of the Chicago Loop.
Azpira Place of Lake Zurich is a planned Class A assisted living/supportive living facility that will consist of 120 assisted living units. The 105,000-square-foot building will be situated on a 5.82-acre parcel in the west end of Lake Zurich, located approximately 33 miles northwest of the Chicago Loop.
Jackson Walker assisted Virtus in negotiations with its joint venture operating partner, affiliated development and property management entities, and lenders providing construction financing.
Virtus is a real estate private equity sponsor based in Austin, Texas. Since its founding in 2003, Virtus has launched 35 investment funds and partnerships that have invested in over 175 commercial properties with a combined acquisition value of over $2.5 billion.
Led by Cale McDowell, the Jackson Walker team included Andee Hartig (real estate/private equity), Cade Satterfield (corporate/private equity) and Nate Smithson (tax), among others. Jackson Walker’s private equity group is an interdisciplinary team of attorneys offering a comprehensive suite of legal services to private equity fund sponsors and other participants in alternative investment transactions. Jackson Walker advises domestic and foreign private equity sponsors of all strategies, including buyout, venture capital, real estate, oil and gas, credit and lending funds at every stage of the investment fund life cycle, including in connection with fund structuring and formation, capital raising, governance, regulatory compliance, debt financing and portfolio acquisitions and dispositions.