PNC, PREI Fund LCB's Debut Seniors Projects

NORWOOD, MA-Launched earlier this year by executives of the former Newton Senior Living LLC, locally based LCB Senior Living LLC has already held one groundbreaking in its home state and plans another for later this summer. PNC Bank and Prudential Real Estate Investors figure in the construction financing on the two projects, which was arranged by Cushman & Wakefield‘s Senior Housing Capital Markets Group.

Ground was broken June 25 for the Residence at Watertown Square, a 90-unit independent living, assisted living and Alzheimer’s community in Watertown, MA. C&W arranged an $18.5-million loan through PNC for the project, on which LCB is partnering with the New England Carpenter’s Union, a separate account pension fund that is represented by Great Point Investors.