LCB SENIOR LIVING RECEIVES $19.6M ACQUISITION LOAN FOR SENIORS HOUSING

READING, MASS. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.6 million in senior financing and joint venture equity capital for LCB Senior Living’s acquisition of a seniors housing property in Reading. M&T Bank provided $13.5 million in acquisition financing, and Virtus Real Estate Capital provided the joint venture equity. LCB plans to rebrand the newly acquired property as The Residence at Pearl Street. The 86-unit assisted living community is situated in a former school building that was converted into seniors housing in 1997 by the previous owner. LCB plans to convert the first-floor units into memory-care units and continue to rehabilitate the property. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield arranged the financing on behalf of LCB Senior Living.