Cushman & Wakefield arranges $83 million in financing for LCB
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 a two-property portfolio with 322 total units.
The properties are in Shelburne, VT, and Middlebury, VT. LCB plans to rebrand the Lodge at Shelburne Bay, which has independent, assisted and memory care units, to the Residence at Shelburne Bay. Similarly, the Lodge at Otter Creek, with 131 units of independent living, assisted living and memory care units, will be rebranded as the Residence at Otter Creek.
Virtus Real Estate Capital provided $25.4 million in joint venture equity, while PNC Bank provided $57.0 million in first mortgage acquisition financing. LCB Senior Living is a senior housing owner/operator, and currently expanding its portfolio of senior housing communities in the New England market.