ESSEX, Conn. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed on a $12.3 million facility for TH Real Estate and LCS. The funds will finance the acquisition of Essex Meadows, a seniors housing community in Essex, approximately 35 miles southeast of Hartford.
Essex Meadows features 189 independent living units (including 13 cottages) and 45 skilled nursing beds.
LCS and TH Real Estate entered into a programmatic joint venture earlier this year to invest in core, value-add and development investment opportunities. Life Care Services will manage the community.
TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with $109 billion of assets under management. LCS, the parent company of Life Care Services, has been an industry leader in the development, ownership, marketing and management of senior living communities since 1971. The company is currently the second largest operator in the United States, managing over 130 communities in 31 states.