SWAMPSCOTT and MELROSE, Mass. — Cushman & Wakefield Senior Housing Capital Markets has arranged $53.4 million in financing and joint venture equity for the construction of two LCB Senior Living LLC developments in Massachusetts.
The Residence at Vinnin Square in Swampscott will be an 84-unit independent living, assisted living and memory care community in a three-story building on a 3.1-acre site. M&T Bank provided $18.5 million in construction financing while AEW Capital Management and LCB provided the joint venture equity of $10 million. The project broke ground in October and is expected to open in early 2017.
The Residence at Melrose Station in Melrose will be a 90-unit independent living, assisted living and memory care community developed on a 1.5-acre site. M&T Bank provided $19.8 million in construction financing while the same joint venture provided $10.5 million in equity. Construction will commence this month with a planned opening in early 2017.
LCB Senior Living is a seniors housing owner/operator consisting of the former management team of Newton Senior Living. These two communities mark LCB’s ninth and 10th seniors housing developments since 2013.
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.