BlueStone Real Estate Capital Secures $7.6M Construction Loan for Wilkinson Deve

The Grand Victorian of Sterling represents one of four Grand Victorian Assisted Living Communities Wilkinson Development is developing throughout Illinois. The four Grand Victorian Facilities will contain approximately 244 units with varying levels of care for residents.

Good Neighbor Care, a seasoned operator of senior housing and a subsidiary of The Wilkinson Corporation, will manage these facilities in addition to the 49 property portfolio currently under management nationwide.

“We were able to maintain the same deal structure through the duration of this deal, which isn’t easy in today’s credit market,” said Timothy Bradley, senior associate, BlueStone Real Estate Capital. “We were able to do so because of the in-depth industry experience of BlueStone, Wilkinson and the lenders involved in the transaction.”

BlueStone Real Estate Capital arranged for Key Bank and Fifth Third Bank to finance the three property portfolio on behalf of Wilkinson Development with expected closings of the remaining two facilities before year’s end.

“This deal is an example of how BlueStone works within the challenges of the current market to produce a sophisticated deal with a beneficial outcome for our clients,” said Matthew McManus, chairman, BlueStone Real Estate Capital. “We hope that this is the first of many transactions with Wilkinson Corporation.”

“BlueStone stayed on top of every deal point to our benefit and to the success of the transaction from start to finish,” commented Mark Adolf, President of Wilkinson Development, LLC.

The four year loan has a 48 month interest only period, with an 85 percent loan-to-cost ratio. The construction financing is locked in at 7.7 percent.

About BlueStone Real Estate Capital

BlueStone Real Estate Capital is a Philadelphia-based commercial real estate investment banking firm that secures innovative debt, mezzanine, equity and sponsor equity financing for the nation’s top-tier investors, operators, owners and developers. Leveraging its up to the minute market knowledge, credibility and relationships with highly regarded institutional financing sources, BlueStone specializes in closing complex deals for sophisticated clients.

Recently, BlueStone was awarded the NJPA Real Estate Journal’s “Deal of the Year” for securing $70,800,000 in construction and permanent financing for The Edge at Avenue North, the largest single-structure, state of the art student housing building in Pennsylvania. For more information please visit