As advisor to a venture between Westminster Capital, Harpeth Green and LCS, Cushman & Wakefield’s Senior Housing Capital Markets team has represented Westminster Capital in the sale of The Heritage at Brentwood, a 283-unit, entrance-fee continuing care retirement community located in Brentwood, TN, an affluent suburb of Nashville.
On Feb. 1, the senior community announced that Middle Tennessee-based investment group, Heritage Investment Partners purchased a 70 percent majority stake in The Heritage at Brentwood from Westminster Capital. The corresponding debt in the transaction was financed through a loan from the senior living community’s new local banking partner, Pinnacle Financial Partners. The property recapitalization was led by a previous Nashville-based minority owner who was joined by new investors. Heritage Investment Partners replaced Westminster’s ownership position to form a new partnership with Harpeth Green and LCS. Life Care Services, the management arm of LCS, will continue to manage the community.
The Heritage at Brentwood was originally built in 2007 by Westminster, Nashville-based Harpeth Green, and LCS. The senior housing community spans nearly 50 acres and consists of 217 independent living units, a 66-unit fully licensed skilled nursing facility and a stand-alone adult day care building. Sales for an additional phase of development are expected to commence in 2016 and will include an additional 97 independent living apartments and several new amenity features including a large 350-seat auditorium and a state-of-the-art, 11,000-square-foot health life center with a pool, fitness room and juice bar.
The Cushman & Wakefield Boston team involved in this transaction included Executive Managing Director Richard Swartz, Managing Director Jay Wagner, Senior Director Aaron Rosenzweig and Associates Stuart Kim and Caryn Miller.
“The Heritage at Brentwood is a highly successful Class A CCRC in one the fastest growing MSAs in the country,” said Rick Swartz. “The buyer recognized the property’s future upside and was thus anxious to expand its ownership position.”
About Cushman & Wakefield
Cushman & Wakefield is a global leader in commercial real estate services, helping 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 revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on development, operations management, marketing and sales management, and strategic planning for Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. The company also provides in-home care, insurance, and national purchasing consulting services. The companies of LCS serve thousands of residents across the nation. LCS is an equal opportunity employer hiring skilled and professional employees to better serve the customer. For more information, visit LCSnet.com.
About Westminster Capital
Westminster Capital is a deeply experienced real estate investment management firm on behalf of private wealth capital. Founded in 1988, the firm is located in Lake Forest, Illinois. Private client work includes investment partnerships and separate accounts deploying approximately $700 million of investor capital. Westminster Capital maintains substantial commercial property investments throughout the United States. For more information, visit www.WestminsterCapitalLLC.com.