As exclusive advisor to LCB Senior Living, LLC (www.lcbseniorliving.com) Cushman and Wakefield’s Senior Housing Capital Markets Group, a division within Cushman & Wakefield Equity, Debt & Structured Finance, has arranged $12.3 million of capital for LCB’s acquisition of an Alzheimer’s facility located in Lincoln, Rhode Island. Acquisition financing was provided by Wells Fargo Bank while the joint venture equity was provided by Prudential Real Estate Investors. LCB’s executive team previously founded Newton Senior Living, LLC, which was the 16th-largest assisted living company in the nation at the time of its sale in 2005.
The acquired property is a purpose built 60-unit Alzheimer’s community that was built in 2009. LCB’s acquisition of the property closed in late September with LCB taking over ownership and management. LCB has renamed the property The Lighthouse at Lincoln.
LCB Senior Living is a senior housing owner/operator consisting of the former management team of Newton Senior Living, which was the 16th-largest assisted living company in the nation at the time of its sale to Lazard Freres in 2005. LCB is developing and acquiring a robust portfolio of senior housing communities in the New England market. Since recapitalizing its organization earlier in 2013, LCB has made two acquisitions and will have closed on four development properties by the end of 2013. Both acquisitions were Alzheimer’s communities while the four development projects are independent/assisted/Alzheimer’s communities.
The Cushman and Wakefield team involved in this transaction included Executive Managing Director Richard Swartz, Managing Director Jay Wagner, Director Aaron Rosenzweig and Associate Stuart Kim.