In Mystic, Connecticut, a 267-unit entrance fee CCRC experienced a shift in ownership when ROC Seniors Housing Fund Manager bought out Westminster Capital’s majority stake in the community for an undisclosed price. Life Care Services will stay one as the minority owner and manager. The property was developed by LCS Development in three phases starting in 2004, featuring 267 independent living units, 12 memory care units and 40 skilled nursing beds. For this deal, Cushman & Wakefield arranged acquisition financing with Bank of America Merrill Lynch on behalf of the buyer group, and Richard Swartz, Jay Wager and Aaron Rosenzweig, with Stuart Kim and Caryn Miller, handled the transaction.RO
Messrs. Swartz, Wagner, Rosenzweig and Kim, along with Timothy Hosmer, also facilitated the sale of two recently developed memory care communities in the Boston MSA. With 83 total units, the communities were developed by joint venture partners The Maggiore Companies and Monarch Homes, but are being purchased by a joint venture between Garrison Investment Group, Grand Park Capital Management and Focus Healthcare Partners. The properties will be managed by LCB Senior Living. Cushman & Wakefield also acted as exclusive debt placement agent to the buyer in arranging financing with a regional bank.
