CUSHMAN & WAKEFIELD ARRANGES $82.4M IN CAPITAL FOR LCB SENIOR LIVING
SHELBURNE AND MIDDLEBURY, VT. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $82.4 million of acquisition financing and joint venture equity capital for LCB Senior Living LLC for the acquisition of a two-property portfolio. The properties are located in Shelburne and Middlebury, Vt., and are comprised of 322 units.
Virtus Real Estate Capital, a real estate private equity firm based in Austin, Texas, provided $25.4 million in joint venture equity, while PNC Bank provided $57 million in first mortgage acquisition financing.
The Cushman & Wakefield team that directed the capital placement efforts for the transaction included Richard Swartz, executive managing director; Jay Wagner, managing director; Aaron Rosenzweig, director; and Stuart Kim, associate.
“These two properties are among the finest acquisitions that LCB has made,” says Michael Stoller, CEO of LCB Senior Living. “They are high-performing assets that have tremendous upside, and we’re very fortunate to have attained them.”
The Lodge at Shelburne Bay consists of 191 independent living, assisted living 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 located in Middlebury, home of Middlebury College. LCB will rebrand this community as The Residence at Otter Creek.
LCB Senior Living is a seniors housing owner-operator consisting of the former management team of Newton Senior Living, which was the 16th largest assisted living company in the country at the time of its sale to Lazard Freres in 2005.
LCB is developing and acquiring a portfolio of seniors housing communities in the New England market. LCB has developed six seniors housing properties and manages two others.
Cushman & Wakefield is a real estate services firm that advises and represents clients on all aspects of property occupancy and investment.
— Scott Reid