Harrison Street has been on an acquisition tear of late, recently acquiring a portfolio of 12 seniors housing communities operated by Atria Senior Living and owned by Healthpeak Properties. But the firm also picked up a 90-unit community in Watertown, Massachusetts (Boston MSA), thanks to acquisition financing arranged by Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano of Newmark.
Built in 2014 at a cost of nearly $28 million, the community features 19 independent living, 46 assisted living and 25 memory care units about 10 miles west of downtown Boston. Three years later, Cushman & Wakefield arranged a $45 million, or $500,000 per unit, recapitalization between the owners, LCB Senior Living and Washington Capital Management. That was when Healthpeak (then, HCP) took over ownership, with LCB staying on as operator. LCB will once again stay in place with Harrison Street.
The new loan amount was not disclosed, but the total capitalization did exceed $45 million, so Healthpeak is making a successful exit. The property also performed decently during the pandemic, with occupancy staying above 80%. Newmark secured a three-year term and two one-year extension options for the joint venture.
