STAMFORD, Conn. — Cushman & Wakefield has arranged the refinancing of The Residence at Summer Street, a newly developed assisted living community in Stamford.
The borrowers are Virtus and LCB Senior Living LLC. The amount of the financing was not disclosed.
Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone represented the borrowers in the transaction. VIUM Capital and its affiliate Merchants Bank of Indiana provided the funds.
LCB, a senior living operator and developer in New England and the Mid-Atlantic, completed the community in 2018 with 104 units of assisted living and memory care. The five-story building is situated between an urban mix of office, retail, multifamily and single-family neighborhoods.
The financing repaid the original construction loan and provides a four-year interest-only period while the property continues to stabilize. The loan includes earn-out proceeds to be funded upon meeting certain debt-service coverage ratios.