Cushman & Wakefield’s Rick Swartz, Aaron Rosenzweig and Jim Dooley represented LCB Senior Living, LLC in the transaction
In its exclusive representation of LCB Senior Living, LLC, Cushman & Wakefield Senior Housing Capital Markets has arranged $15.1 million in non-recourse construction financing with a commercial bank for its twelfth senior housing development since it began its development program in 2013. The Residence at Silver Square in Dover, New Hampshire will be a 76-apartment / 84-resident independent living, assisted living and memory care community located 10 miles from Portsmouth, NH and 70 miles north of Boston.
The community will consist of a three-story building on a 19.4-acre site as part of a new mixed-use development. The new site will include the 76-apartment Residence at Silver Square, along with a new hotel, a medical office building, a bank and a coffee shop. Berkshire Bank provided $15.1 million in non-recourse construction financing for the joint venture between LCB and Blue Moon Capital Partners. The project will break ground in August 2016 and is expected to open in the first quarter of 2018.
LCB Senior Living (www.lcbseniorliving.com) is New England’s fastest-growing developer and operator of assisted and memory care housing for seniors. LCB has been 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 12 properties and acquired an additional seven properties across five New England states, totaling more than $470 million in project capitalization. The Residence at Silver Square is LCB’s twelfth senior housing development since 2013. To date, LCB owns and operates 1,525 seniors housing beds with an additional 330 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 in doing so was able to commence a relationship with LCB and 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 owns and operates 15 communities in Massachusetts, New Hampshire, Vermont, Connecticut and Rhode Island, and third-party manages four communities in the greater Boston area. LCB has an additional four properties under development throughout Massachusetts and New Hampshire.
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. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. 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.
