Cushman & Wakefield Arranges Refinancing for The Residence at Summer Street in Stamford, Connecticut

by Jeff Shaw

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.

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