BOSTON —Cushman & Wakefield Senior Housing Capital Markets has arranged $49.6 million in construction financing and joint venture equity for two LCB Senior Living housing developments in New England.
The projects are LCB’s seventh and eighth seniors housing developments since it began its development program in 2013.
The Residence at Salem Woods in Salem, N.H., will be an 84-apartment, 88-bed independent, assisted and memory care community situated in a three-story building on a seven-acre site. Wells Fargo provided $15.6 million in construction financing while the joint venture equity was provided by an institutional investor. The project is expected to open in early 2016.
The Residence at Quarry Hill in South Burlington, Vt., will be a 102-apartment, 104-bed independent, assisted and memory care community developed on a 2.7-acre site just outside of downtown Burlington, Vt. PNC Bank provided $18.4 million in construction financing while Virtus Real Estate Capital provided $8.5 million in joint venture equity. The community has a planned summer 2016 opening.
The Cushman & Wakefield team involved in the transactions included executive managing director, Rick Swartz; managing director, Jay Wagner; director, Aaron Rosenzweig; and associate, Stuart Kim.