C&W Arranges Financing for LCB Senior Housing

BOSTON—LCB Senior Living has secured $49.6 million in construction financing for senior housing projects it is developing in New Hampshire and Vermont.

The financing, arranged by Cushman & Wakefield Senior Housing Capital Markets, involves construction financing and joint venture equity for the two senior developments. The Cushman & Wakefield team involved in the transactions included executive managing director Rick Swartz; managing director Jay Wagner; director Aaron Rosenzweig and associate, Stuart Kim.

The LCB project in New Hampshire is The Residence at Salem Woods in Salem that will be an 84-apartment / 88-bed independent, assisted and memory care community situated in a three-story building on a seven-acre site. Wells Fargo provided $15.6 million in construction financing while an institutional investor provided the joint venture equity. The project broke ground in November 2014 and is expected to open in early 2016.

The Residence at Quarry Hill in South Burlington, VT will be a 102-apartment / 104-bed independent, assisted and memory care community developed on a 2.7-acre site just outside of downtown Burlington. The land site was acquired as part of a larger portfolio acquisition that occurred earlier in 2014, which included two premier senior housing properties in Vermont. PNC Bank provided $18.4 million in construction financing while Virtus Real Estate Capital of Austin, TX provided $8.5 million in joint venture equity. Construction will commence this month with a planned summer 2016 opening.

Led by Michael Stoller and Steve Puliafico, LCB Senior Living is a senior housing owner/operator consisting of the former management team of Newton Senior Living, which was the 16th largest assisted living company in the nation at the time of its sale to Lazard Freres in 2005. The New Hampshire and Vermont projects are LCB Senior Living's seventh and eighth senior housing developments since it began its development program in 2013. To-date, LCB owns and operates 1,343 senior housing beds, 523 of which are currently under construction.

“We are thrilled to enter into both the Salem, New Hampshire and South Burlington markets, two areas we believe demonstrate excellent market characteristics,” LCB Senior Living's Stoller says. “We're fortunate to be able to expand our relationship with our capital partners on these two transactions, including PNC Bank, Wells Fargo and Virtus, who have all been terrific on the execution of these transactions.”