SHREWSBURY, Mass. — Cushman & Wakefield Senior Housing Capital Markets has arranged $16.3 million in construction financing and joint venture equity for LCB Senior Living and Blue Moon Capital Partners. M&T Bank provided the capital.
The money will be used to build The Residence at Orchard Grove, an 80-unit independent living, assisted living and memory care community in Shrewsbury, approximately 35 miles west of Boston.
The three-story building will be constructed on a 5.4-acre site. The joint venture will break ground on the project this month for completion in summer 2017.
The Cushman & Wakefield team involved in the transactions included Rick Swartz, executive managing director; Jay Wagner, managing director; Aaron Rosenzweig, senior director; James Dooley, director; and Caryn Miller, associate.
LCB is an owner and operator of seniors housing communities throughout New England. The Residence at Orchard Grove will be the company’s 11th new development since 2013.
Blue Moon Capital Partners is a Boston-based seniors housing investor seeking best-in-class properties.