C&W Arranges Acquisition Financing for LCB Deals in Vermont

BOSTON—In a deal arranged by Cushman & Wakefield's Senior Housing Capital Markets Group, LCB Senior Living LLC of Norwood, MA has secured $82.4 million in financing and joint venture equity capital for the purchase of a two-property senior housing portfolio in Shelburne and Middlebury, VT totaling 322 units.

Virtus Real Estate Capital, a real estate private equity firm based in Austin TX, provided $25.4 million in joint venture equity, while PNC Bank provided $57 million in first mortgage acquisition financing, Cushman & Wakefield reports.

Cushman & Wakefield's Executive Managing Director Richard Swartz, Managing Director Jay Wagner, Director Aaron Rosenzweig and Associate Stuart Kim directed the capital placement efforts for the transaction.

The two properties acquired by LCB Senior Living are The Lodge at Shelburne Bay and the Lodge at Otter Creek in Middlebury and mark the senior housing developer and operator's entrance into the Vermont senior housing market.

The Lodge at Shelburne Bay consists of 191 independent, assisted and memory care units, situated on Lake Champlain in Shelburne, four miles south of Burlington. The property was built in 1999 and expanded in 2011 to include an additional residential building. LCB will rebrand the community as The Residence at Shelburne Bay.

Built in 2008, the Lodge at Otter Creek consists of 131 units of independent living, assisted living and memory care units. LCB will rebrand this community as The Residence at Otter Creek.

The acquisition of the two properties marks LCB's fifth and sixth acquisitions since recapitalizing its company in 2013. Additionally, LCB has developed six senior housing properties and manages two others. All of its developments, acquisitions and management contracts have been in the New England market.

LCB Senior Living CEO Michael A. Stoller says of the firm's latest purchase, “These two properties are among the finest acquisitions that LCB has made. They are high-performing assets that yet have tremendous upside, and we're very fortunate to have attained them.”

“The two acquired properties are a perfect fit for LCB's existing institutional-quality portfolio,” adds C&W's Swartz. “Virtus and PNC continue to be terrific partners to the LCB organization, allowing it to grow and expand further into the region.”