Friendship Village of Schaumburg names stalking horse for facility

By Sarah Lizee

Olympia, Wash., Sept. 18 – Evangelical Retirement Homes of Greater Chicago, Inc., which does business as Friendship Village of Schaumburg, named IL CCRC LLC the stalking horse bidder for its continuing care retirement community in Illinois, according to documents filed Friday with the U.S. Bankruptcy Court for the Northern District of 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 includes a breakup fee of $1.01 million and a $335,000 expense reimbursement.

The debtor has proposed a bid deadline of 4 p.m. ET on Sept. 29, an auction on Oct. 3 and a sale hearing on Oct. 10.

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

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