As exclusive advisor to LCB Senior Living, Cushman and Wakefield’s Senior Housing Capital Markets Group, a division within the Equity, Debt & Structured Finance Group, has arranged joint venture equity and acquisition financing for the $35 million acquisition of The Arbors of Bedford, an extremely successful specialized assisted living facility located in Bedford, New Hampshire. The joint venture equity was provided by Grosvenor Fund Management with acquisition financing provided by Bank of
LCB Senior Living is a newly formed senior housing owner/operator consisting of the former
management team of Newton Senior Living, a well-regarded senior housing operator in the
Northeast that was acquired by Lazard Freres in 2005. The acquisition of The Arbors of Bedford
comes right on the heels of a significant corporate equity investment into LCB, with the
investment closing earlier in March. The Arbors of Bedford represents the first acquisition for
LCB, as it commences its Northeastern acquisition and development growth program. LCB
currently operates two other Greater Boston assisted living communities.
The Cushman and Wakefield team involved in the transaction included Richard Swartz and Phil
Anderson as Co-Heads of Cushman & Wakefield’s Senior Housing Capital Markets team, as
well as Senior Director Jay Wagner, Director Aaron Rosenzweig and Associate Stuart Kim.
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“Arranging the capital for this acquisition with Grosvenor Fund Management and Bank of America represents two highly strategic capital relationships for the rollout of LCB’s growth program,” noted Swartz. Swartz continued, “senior housing as an asset class continues to attract private equity investment as well as growing attention from the lending community.”
“LCB’s experience and their outstanding management track record were extremely desirable to both Grosvenor and Bank of America," noted Anderson.
“We are thrilled with the acquisition of The Arbors of Bedford and are very excited to continue rolling out our platform as an owner/operator,” stated Michael Stoller, CEO of LCB Senior Living. “We look forward to our partnerships with Grosvenor and Bank of America, and appreciate the efforts of Cushman and Wakefield on this transaction.”