Cushman & Wakefield’s Rick Swartz, Aaron Rosenzweig and Jim Dooley represented LCB Senior Living, LLC in the transaction
The Residence at Selleck’s Woods
In its exclusive representation of LCB Senior Living, LLC, Cushman & Wakefield Senior Housing Capital Markets raised equity capital as well as over $34 million in construction debt financing for LCB’s fourteenth senior housing development since it began its senior housing program in 2013. The Residence at Selleck’s Woods in Darien, Connecticut, will be a 105-apartment /106-bed independent living, assisted living and memory care community. The development is located in the affluent suburb of Darien, which boasts exceptional income and home values as well as premier access to New York City via Interstate 95, regional Amtrak and Metro-North rail.
The community will consist of a two-story building on a four-acre site overlooking 48 acres of nature preserve and will include surface parking and prime visibility from I-95. The site is presently home to a vacant 25,000-square-foot (SF) office building that will be gutted and whose structural elements will be incorporated into an expanded building that will ultimately consist of a 101,000 SF building. The project is expected to be completed in the third quarter of 2018 and will offer 78 fully licensed IL/AL apartments and 27 ALZ units (28 beds) and include luxury amenities for its residents.
M&T Bank was awarded the loan following a highly competitive process to provide a $34 million construction loan for the joint venture between LCB and Virtus Real Estate Capital. Virtus is contributing 85% of the equity investment.
LCB Senior Living (www.lcbseniorliving.com) is one of the most reputable New England developers and operators of assisted and memory care housing for seniors. LCB has established a robust portfolio of senior housing communities throughout New England by developing and acquiring in prime locations with a diverse collection of equity partners, and is now expanding into the Mid-Atlantic region. Since it recapitalized its organization in early 2013, LCB has broken ground on 14 properties, of which eight have delivered, and acquired an additional seven properties across five New England states. Total project capitalization is currently over $561 million. The Residence at Selleck’s Woods is LCB’s 14th senior housing development since 2013. To date, LCB operates 1,608 seniors housing beds with an additional 562 currently under construction and one additional project expected to break ground in 2017 that will expand LCB’s geographic footprint beyond New England.
The Cushman & Wakefield team involved in the transactions included Executive Managing Director Rick Swartz, Executive Director Jay Wagner, Senior Director Aaron Rosenzweig, Director Jim Dooley and Associate Caryn Miller.
“Darien is a very strong market and one that we are very excited about as we continue to grow,” 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.”
“We’re excited to help facilitate LCB’s expansion into Fairfield County,” commented Swartz.
Added Wagner, “This is a great opportunity for Virtus to expand its investment program with LCB.”
About LCB Senior Living
LCB Senior Living was founded in 2010, and has become one of the preeminent senior housing companies in New England. Headquartered in Norwood, MA, LCB currently owns and operates 15 luxury 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 six properties under development throughout Massachusetts, Connecticut, and New Hampshire.
About Virtus
Since 2003, Virtus Real Estate Capital has focused on investing in niche property types including senior housing, student housing, medical office and storage properties. With over $3.0 billion invested in 35 different investment vehicles and over 194 properties, Virtus’ business strategy is to find resilient property types that outperform conventional real estate classes through economic cycles, focusing on demographic trends and social needs. For more information please visit www.virtusre.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.
