JV Buys Monarch Homes Memory Care Portfolio Near Boston

by Jeff Shaw

WOBURN and WEYMOUTH, Mass. — A joint venture between Garrison Investment Group, Grand Park Capital Management and Focus Healthcare Partners LLC has purchased Monarch Homes, a portfolio of two memory care communities in the Boston suburbs of Woburn and Weymouth.

Cushman & Wakefield Senior Housing Capital arranged the deal while representing the sellers, a joint venture between The Maggiore Companies and Monarch Homes. The sale price was not disclosed.

Maggiore built the Woburn location in 2013 and the Weymouth location in 2014. David Errico of Monarch Homes directed the building design, which Maggiore’s in-house design team implemented.

LCB Senior Living will manage the two properties following the transaction.

In addition to the sale, Cushman & Wakefield acted as exclusive debt placement agent to the buyers, arranging the financing with a regional bank. The Cushman & Wakefield team included Richard Swartz, executive managing director; Jay Wagner, managing director; Aaron Rosenzweig, senior director; Stuart Kim, associate; and Timothy Hosmer, associate.

The Maggiore Companies is a real estate development firm based in Woburn. Monarch Homes is an assisted living and memory care development and management company in the New England area. 

You may also like