Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and James Dooley represented LCB Senior Living, LLC in the transaction
In its exclusive representation of LCB Senior Living, LLC (“LCB”), Cushman & Wakefield Senior Housing Capital Markets has arranged $16.3 million in construction financing and joint venture equity for LCB’s 11th senior housing development since it began its development program in 2013. LCB Senior Living is led by the founders of the former Newton Senior Living, which was the 16th largest senior housing owner/operator nationally before selling its portfolio in 2005.
The Residence at Orchard Grove in Shrewsbury, MA, will be an 80-apartment/82-resident independent, assisted and memory care community located 35 miles west of Boston in a three-story building on a 5.4-acre site. M&T Bank provided $16.3 million in construction financing for the joint venture between LCB and Blue Moon Capital Partners. The project will break ground in March 2016 and is expected to open by mid-2017.
LCB Senior Living is a senior housing owner/operator consisting of the former management team of Newton Senior Living, which was the 16th-largest assisted living company in the nation at the time of its sale to Lazard Freres in 2005. LCB is developing and acquiring a robust portfolio of senior housing communities in the New England market, and is expanding into the Mid-Atlantic region. Since it recapitalized its organization in early 2013, it has broken ground on 11 properties and acquired an additional six properties across five New England states totaling over $420 million in project capitalization. The Residence at Orchard Grove is LCB’s 11th senior housing developments since 2013. To date, LCB owns and operates 1,528 seniors housing beds, 467 of which are currently under construction.
The Cushman & Wakefield team involved in the transactions included Executive Managing Director Rick Swartz, Managing Director Jay Wagner, Senior Director Aaron Rosenzweig, and Director James Dooley, with Associate Caryn Miller.
“We were pleased that the lender delivered on very strong terms and both bolstered its relationship with LCB as well as commenced a new relationship with Blue Moon,” commented Rosenzweig.
“For strong growth you need steady partners, and we are thrilled to be moving forward in these terrific markets,” commented LCB CEO Michael Stoller. “Our partnership with Cushman & Wakefield has enabled us to be proactive and swift in taking advantage of great opportunities like these.”
About LCB Senior Living
LCB Senior Living was founded in 2010 by the management team of the former Newton Senior Living, LLC (NSL). NSL was one of the first assisted living developers and operators in Massachusetts, and was the 16th-largest assisted living company in the United States when it was sold to a division of Lazard Freres in 2005. Headquartered in Norwood, MA, LCB currently manages four communities in the greater Boston area, owns and operates 13 communities in Massachusetts, New Hampshire, Vermont and Rhode Island, and has an additional six properties under development in Massachusetts, Connecticut, New Hampshire and Vermont.
About Blue Moon
Founded in 2013, Blue Moon Capital Partners is an experienced group of senior housing investors with a business strategy to find best-in-class, forward-thinking senior housing operators who are preparing to meet the dramatic growth in demand. The co-founders, Kathryn Sweeney and Susan Barlow, have a combined experience of over four decades in institutional real estate and senior housing in their careers at AEW, RREEF, and Great Point, before starting Blue Moon. For more information please visit www.bluemooncp.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.