Cushman & Wakefield Arranges Acquisition Financing for Three-Property Portfolio in New Jersey

CHERRY HILL, VOORHEES and STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged an undisclosed amount of financing for the acquisition of three seniors housing communities in New Jersey.

The borrower is a joint venture between Harrison Street and LCB Senior Living.

The communities, all under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore.

Cushman & Wakefield arranged the non-recourse financing with Synovus Bank with earmarked capital expenditure funds and earn-out potential for additional proceeds.

The Cushman & Wakefield team involved in the financing included Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Bailey Nygard.

“The acquisition represents LCB’s first entry into New Jersey,” says Swartz. “However, they now operate five communities in the Philadelphia MSA, including two other developments located in Philly suburbs in Pennsylvania.”