HANOVER, Mass. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged a $29.8 million loan for the construction of Benchmark of Hanover, approximately 20 miles south of Boston.
The borrower is a joint venture between Benchmark Senior Living and Iron Point Partners LLC. The property will feature 97 units of assisted living and memory care.
The Cushman & Wakefield team involved in the transaction includes Rick Swartz, Jay Wagner, Sam Dylag, Jack Griffin and Joseph Carbone.
“Hanover is a quintessential South Shore Boston suburb with excellent access to commuter highways and tremendous unmet demand for senior living,” says Wagner. “Additionally, Benchmark is New England’s largest seniors housing provider.”
Cushman & Wakefield secured the construction loan on behalf of Benchmark from a national healthcare lender.