Cushman & Wakefield arrange for $19.6 million for senior housing facility
Cushman & Wakefield Senior Housing Capital Markets, a division within Cushman & Wakefield Equity, Debt & Structured Finance, arranged $19.6 million of senior financing and joint venture equity capital for LCB's acquisition of a Longwood at Reading in Massachusetts.
There was $13.5 million of acquisition financing provided by M&T Bank, while the joint venture equity was provided by Virtus Real Estate Capital.
The property is an 86-unit assisted living community. When taking over, LCB plans to convert units on the first floor of the building from assisted living units to memory care units, and will also continue to rehabilitate the historic building. LCB will rebrand the community The Residence at Pearl Street.
LCB Senior Living is a senior housing owner/operator consisting of the former management team of Newton Senior Living.