Cushman & Wakefield has arranged the financing for the acquisition of Evolve at Rye, a 40-apartment mind and memory care community located along Route 1 in Rye, N.H.
The Cushman & Wakefield National Senior Housing Capital Markets team of Vice Chairman Rick Swartz, Executive Managing Director Jay Wagner, Director Sam Dylag and Analyst Jack Griffin secured financing on behalf of Benchmark Senior Living, a leading provider of senior living services in the Northeast. Harbor One, a New England regional bank, is funding the acquisition.
“Evolve at Rye is a unique property in the highly sought-after community of Rye with excellent visibility and market awareness with its location along Route 1,” said Wagner. “The community is in excellent physical condition, offers strong amenities and large floor plans, and has a superior reputation of providing higher care.”
“We’re excited to welcome Evolve at Rye as our 62nd community and expand our portfolio to offer care and experiences for Seacoast families challenged by memory loss,” said Sarah Laffey, chief financial officer and senior vice president of Benchmark Senior Living. “We’ve had tremendous success in other parts of New Hampshire and look forward to bringing our high standard of excellence to the Seacoast. We’re immensely pleased with Cushman & Wakefield’s arrangement of attractive financing for us.”
Benchmark is New England’s largest senior living provider and has 62 communities, six in New Hampshire. Over the past 23 years, the company has developed expertise in providing care for individuals with Alzheimer’s disease, dementia and other conditions that cause memory loss.
“We’re pleased to be a part of a project that provides Benchmark the opportunity to expand services through its vision of providing a supportive environment for seniors to live a fulfilling and dignified life,” said Scott Sanborn, executive vice president and chief lending officer for HarborOne Bank.“ We congratulate Benchmark on this expansion of the great work that they do.”
About Benchmark Senior Living
Based in Waltham, Mass., Benchmark Senior Living is a leading provider of senior housing in the Northeast. It has 62 communities across Massachusetts, Connecticut, New Hampshire, Rhode Island, New York, Vermont, and Maine. Benchmark employs nearly 6,000 associates within its communities and corporate office. Founded in 1997 by Tom Grape, Benchmark offers independent living, assisted living, memory care and continuing care retirement communities that are guided by Benchmark’s core values—Called to Care, Better Together, and Be the Benchmark, and are committed to transforming lives through human connection. Click here for more information.
About HarborOne Bank
HarborOne Bank, headquartered in Massachusetts, has $4.43 billion in assets. It serves the financial needs of consumers, businesses, and municipalities throughout Massachusetts and Rhode Island through a network of 25 full-service branches, one limited service branch, and commercial loan offices in Providence and Boston. HarborOne has been included in Forbes’ Best in State Banks list for three consecutive years.
The Bank also provides a range of educational services through “HarborOne U,” with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with more than 30 offices in Massachusetts, Rhode Island, New Hampshire, Maine, and New Jersey and is also licensed to lend in four additional states
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 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 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.
Cushman & Wakefield’s National Senior Housing Capital Markets team was established in 2011 and advises top institutional owners, developers and operators on equity, debt and investment sales throughout the United States. Located in Boston and Southern California, the team is led by Rick Swartz and Jay Wagner and includes a total of 11 professionals. The team is consistently ranked amongst the top senior housing brokerage groups in transaction value and has executed on greater than $6 billion in transactions.
