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.
C&W also arranged $19.8 million of debt financing and equity investment for the construction and development of the Residence at Riverbend, a 75-apartment independent living, assisted living and Alzheimer’s community located in Ipswich, MA. PNC provided construction financing, while the joint venture equity came from PREI. Both projects are slated for completion in the fall of 2014.
“Ipswich and Watertown are representative of the underserved senior housing markets that we target,” Michael Stoller, CEO of LCB, says in a release. We look forward to the success of these projects as the first of many with our new capital partners Prudential Real Estate Investors and PNC, and look forward to continue providing high quality senior housing as we have done for the past two decades.” C&W’s team included Richard Swartz and Phil Anderson as co-heads of the Senior Housing Capital Markets team, as well as managing director Jay Wagner, director Aaron Rosenzweig and associate Stuart Kim.
A few days after breaking ground on its first development project, LCB filed plans for its third. The firm plans to build a 74-unit senior housing facility in Avon, CT, to be called the Residence at Brookside.
“There is tremendous need in the area for senior housing options, and Avon is a beautiful and vibrant community,” Stoller said last month. “We aim to build a residence that will complement this lovely town, and become a real asset to the community.”
LCB also owns facilities in Bedford, NH, Dedham, MA and Wayland, MA. Newton Senior Living was the 16th-largest assisted living company in the nation at the time of its 2005 sale to Lazard Frères.