LCB Senior Living is venturing outside of New England for the first time with the help of a construction loan arranged by Cushman & Wakefield. The property in question, located in Chadds Ford, Pennsylvania (Philadelphia/Wilmington MSA), will have 84 units of independent living, assisted living and memory care services, and will be the Massachusetts-based operator’s 15th seniors housing development and the first south of Connecticut. LCB, and its institutional joint venture partner, expects to complete the project in the second quarter of 2019.
To finance the project, Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Caryn Donahue of Cushman & Wakefield arranged a $20.5 million non-recourse construction loan provided by Webster Bank. At 65% loan-to-cost, the project is estimated to cost over $31.5 million, or $375,500 per unit. Helping to fill in the capital stack, the Cushman & Wakefield team also raised equity capital on behalf of LCB. Moving forward, we can expect LCB to continue its expansion in the Philadelphia market and greater Mid-Atlantic region. Expect to see Cushman & Wakefield help fund that expansion too.
