DOVER, N.H. — Cushman & Wakefield has arranged $15.1 million in financing for LCB Senior Living, which will use the funds to help build Residence at Silver Square, a 76-unit independent living, assisted living and memory care community in Dover, approximately 70 miles north of Boston.
The new community will be LCB’s 12th development since it started building communities in 2013. The three-story building will be part of a mixed-use property being built on a 19.4-acre site. The development will include a hotel, medical office building, bank and coffee shop.
Berkshire Bank provided the non-recourse construction financing for a joint venture between LCB and Blue Moon Capital Partners. The partnership will break ground on the project in August, with completion expected in the first quarter of 2018.
The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, James Dooley and Caryn Miller.
LCB owns and operates 1,525 seniors housing beds with an additional 330 currently under construction. Blue Moon Capital Partners is a seniors housing investor. Both companies are headquartered in the greater Boston area.