Cushman & Wakefield Negotiates $14.6M Sale of Two Entitled Development Sites in Massachusetts

by Jeff Shaw

NATICK and MILLIS, Mass. — Cushman & Wakefield has arranged the sales of two entitled seniors housing development sites in Natick and Millis, located approximately nine miles from each other between Boston and Worcester.

Barberry Homes sold the assets to Anthology Senior Living for $14.6 million.

The Natick site, when complete, will consist of 86 assisted living and memory care units on 5.5 acres and the Millis site will feature 105 independent living, assisted living and memory care units on 7.7 acres.

The Cushman & Wakefield team that led the transaction includes Rick Swartz, Jay Wagner and Sam Dylag.

“Barberry Homes expertly identified and entitled two superb senior housing development communities,” says Swartz. “Both sites are best-in-market locations with limited direct competition. Barberry created a unique portfolio opportunity to develop and provide senior care in some of the most sought-after markets in New England with supreme barriers to entry.”

Cushman & Wakefield also secured the construction loans on behalf of the buyer from two regional banks to fund the development projects.

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