Double duty financing

We wrote last year that Virtus Real Estate Capital and PNC Bank had partnered to provide acquisition financing for LCB Senior Living to acquire two Vermont senior living communities with a total of 297 units for $80 million, or $269,400 per unit. Virtus provided $23 million in equity and PNC provided debt for the remaining $57 million. But, in that acquisition, LCB also purchased a 2.7 acre site just outside of Burlington, Vermont. And who did they turn to finance the construction of a new 102-unit IL, AL and MC community? Why, Virtus and PNC, of course. Arranged by Cushman & Wakefield, PNC provided $18.4 million in construction financing, while Virtus supplied $8.5 million in equity.  The community is scheduled to break ground early this year and will open in the Summer of 2016.