Friendship Village of Schaumburg closes sale of assets

By Sarah Lizee

Olympia, Wash., Jan. 3 – Evangelical Retirement Homes of Greater Chicago, Inc., which does business as Friendship Village of Schaumburg, closed the sale of its assets to IL CCRC LLC on Dec. 28, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Illinois.

As previously reported, the company lined up a stalking horse agreement with IL CCRC LLC for its continuing care retirement community in Illinois.

The facility is comprised of 537 independent living units, 169 skilled nursing units, and 109 assisted living units.

The purchase price under the stalking horse agreement is $83.11 million. The deal included a breakup fee of $1.01 million and a $335,000 expense reimbursement.

The Schaumburg, Ill.-based retirement community filed bankruptcy on June 9, 2023 under Chapter 11 case number 23-07541.

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