Cushman & Wakefield Arranges Recapitalization of CCRC near Milwaukee

by Jeff Shaw

MEQUON, Wisc. — As advisor to a venture between Westminster Capital and LCS, Cushman & Wakefield Senior Housing Capital Markets has arranged the recapitalization of Newcastle Place, a 257-unit entrance fee continuing care retirement community located in the affluent Milwaukee suburb of Mequon.

ROC Seniors, a private equity real estate fund manager, will replace Westminster Capital in the joint venture with LCS. Terms of that deal were not disclosed.

Life Care Services, the management arm of LCS, will continue to manage the community.

Newcastle is located on a 48.5-acre campus and consists of 158 independent living units, 36 assisted living units, 16 memory care units and 47 skilled nursing beds. The community was originally built in 2003. Westminster Capital and LCS acquired Newcastle from Milwaukee Protestant Home in late 2012 as a turnaround investment.

In addition to the sale, Cushman & Wakefield acted as exclusive debt placement agent to the acquisition group arranging the financing with Bank of America Merrill Lynch.

The Cushman & Wakefield team involved in this transaction included Richard Swartz, executive managing director; Jay Wagner, managing director; Aaron Rosenzweig, senior director; Stuart Kim, associate; and Caryn Miller, associate.

Faegre Baker Daniels LLP served as legal counsel to the Westminster Capital/LCS venture on this transaction.

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