DALLAS — Chicago Pacific Founders (CPF) has acquired Churchill Estates, a 175-unit luxury senior living community in Dallas, for an undisclosed price.
CPF made the acquisition along with its subsidiaries, CPF Living Communities and Grace Management. Grace Management will take over operations of the community following the transaction.
Churchill Estates is located in the affluent Lake Highlands area of Dallas, near White Rock Lake.
Terms of the deal were not disclosed, though Charlie Shoop of KeyBank Real Estate Capital originated a $26 million loan in connection with the transaction. The floating-rate Freddie Mac loan features a seven-year term, four years interest-only payments and a 30-year amortization schedule.
CPF plans to make investments into the property to further increase its value.
Chicago Pacific Founders is a Chicago- and San Francisco-based healthcare private equity investment firm. Grace Management was established in 1984 to develop, market and manage residential communities for seniors.