Cushman & Wakefield served as the exclusive advisor to a joint venture between LCB Senior Living and Harrison Street Real Estate Capital in their recapitalization of four New England seniors housing communities. LCB had already been operating three of the properties in Massachusetts (Ipswich) and Connecticut (South Windsor and Avon) since their construction in 2014 and 2015. But the fourth property (in Lincoln, Rhode Island) was built in 2009 and acquired by LCB and Prudential Real Estate Investors in 2013 for $11 million, or $183,300 per unit. The communities market to independent living residents and allow for transitions to higher care levels including assisted living and memory care. Harrison Street will enter the New England market with these high-end, purpose-built communities. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue led the way on the recapitalization and also arranged 10-year, interest-only acquisition financing from PGIM Real Estate Finance on behalf of the buyer.
Mr. Swartz was then joined by Aaron Rosenzweig and Timothy Hosmer to close $17.5 million in construction financing for a to-be-built assisted living/memory care community in the Charlotte, North Carolina suburb of Rock Hill. Expected to open in mid-2019, the community will feature 63 assisted living and 25 memory care units under the HarborChase brand. An affiliate of OZ Real Estate provided the financing to Bridgeforth Capital, a real estate investment firm involved in the EB-5 program.