Cushman & Wakefield Senior Housing Capital Markets exclusively advised a joint venture of Benchmark Senior Living and Oz Real Estate in the recapitalization of Benchmark Senior Living at Woburn and Benchmark Senior Living on Clapboardtree. The Class-A assisted living and memory care communities are located in Woburn, MA, and Norwood, MA, premier Boston area markets. This fully stabilized 2016/2017-vintage portfolio offers 177 assisted living and memory care units of top quality and care. Benchmark Senior Living will continue to manage the communities.
Benchmark Senior Living at Woburn is a Class-A, 87-unit assisted living and memory care community located approximately 10 miles north of downtown Boston, MA. The property was built in fall 2016 and exhibited an exceptionally fast lease-up due to strong management, in-fill location and excellent demographics.
Benchmark Senior Living on Clapboardtree is a Class-A, 90-unit assisted living and memory care community located approximately 11 miles southwest of downtown Boston, MA. The stabilized community opened in early 2017, featured a strong lease-up and is located in a robust market with a plethora of nearby amenities and an abundant nearby seniors population.
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Director Tim Hosmer, and Associate Chris Remeika.
“Benchmark Woburn and Norwood represent top-tier stabilized assets in a great market. We were happy to provide a very competitive process to ensure both an excellent value for Oz as well as a satisfying new partnership in the properties for Benchmark,“ said C&W’s Jay Wagner.
About Benchmark
Based in Waltham, Mass., Benchmark is a leading provider of senior housing in the Northeast with 6,400 associates, 58 current communities, four new communities underway and $3 billion in company value. Founded in 1997 by Tom Grape, Benchmark offers independent living, assisted living, Alzheimer’s care and continuing-care retirement communities in eight states. The Great Place to Work Institute certified Benchmark in 2019 for the second consecutive year. Additionally, the company was selected by FORTUNE magazine for its inaugural 2018 “Best Workplaces for Aging Services” list, ranking third among companies with more than 40 communities. Benchmark is one of only six companies named to The Boston Globe’s “Top Places to Work” list each of the 11 years it has been published. To learn more, visitwww.benchmarkseniorliving.com.
About Oz Real Estate
Oz Real Estate, the real estate platform at Oz Management, was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe. The principals of Oz Real Estate have invested in over $9.0 billion of private real estate assets, including direct equity investments, preferred equity structures, first lien loans, mezzanine loans, b-notes, ground leases and other credit investments. Oz Real Estate's portfolio has included over 20,000 hotel rooms, over 30,000 multifamily and residential units, and over 20 million square feet of retail and office properties. In addition, Oz Real Estate has developed expertise in certain niche real estate asset classes including gaming, healthcare, senior housing, cellular towers, ski resorts, and land development. Oz Real Estate is currently making opportunistic investments from Och-Ziff Real Estate Fund III, credit investments from Och-Ziff Real Estate Credit Fund, and special situations investments from other capital sources within Oz Management. For more information on Oz Real Estate, please see www.ozm.com
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
