Cushman & Wakefield announced the refinancing of a newly developed assisted living/memory care community in Stamford, Connecticut on behalf of Virtus and LCB Senior Living, LLC. Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone represented the borrower in the transaction, which allowed them to repay the original construction loan and provided four years of interest only during the stabilization period. The loan was provided by VIUM Capital and its affiliate Merchants Bank of Indiana. In addition, the financing repaid the original $23.268 million construction loan from M&T Bank (originally arranged by Cushman & Wakefield as well) and provided a four-year interest-only period while the property continues to stabilize. The loan also included earn-out proceeds to be funded upon meeting DSCR tests.
Built in 2018 by LCB Senior Living, The Residence at Summer Street comprises 104 units of assisted living and memory care. Set on 1.8 acres in downtown Stamford, it offers complimentary transportation, visiting healthcare professionals, exercise space and classes, housekeeping services, laundry and linen services, maintenance, and Amazon Echo technology with Alexa capabilities.
