Cushman & Wakefield arranges $23.27 million construction financing for LCB Senior Living

Stamford, CT In its exclusive representation of LCB Senior Living, LLC, Cushman & Wakefield Senior Housing Capital Markets has arranged $23.27 million in construction financing for LCB’s thirteenth senior housing development since it began its senior housing program in 2013. The Residence at Stony Ford will be a 104-apartment, 112-bed independent living, assisted living and memory care community located in downtown, 1.5 miles north of I-95 and the regional Amtrak and Metro-North Railroad Station and 30 miles from New York City.

The Residence at Stony Ford - Stamford, CT

The community will be a five-story building on an infill mixed-use one acre site. Existing multifamily and office buildings on the site will be razed to make way for the new development, which will include surface parking. Once completed, The Residence at Stony Ford will offer 79 fully licensed IL/AL apartments and 25 ALZ units and include amenities for its residents.

M&T Bank won a competitive process to provide $23.27 million in construction financing for the joint venture between LCB and Virtus Real Estate Capital.

The project has begun development and is expected to open in the second quarter of 2018.

LCB is one of New England’s fastest-growing developers and operators of assisted and memory care housing for seniors. LCB has been aggregating a robust portfolio of senior housing communities in the New England market through development and acquisition, and is now expanding into the Mid-Atlantic region. Since it recapitalized its organization in early 2013, LCB has broken ground on 13 properties, of which eight have delivered, and acquired an additional seven properties across five New England states. Total project capitalization is currently over $509 million. The Residence at Stony Ford is LCB’s thirteenth senior housing development since 2013. To date, LCB operates 1,607 seniors housing beds with an additional 450 currently under construction and an active pipeline of four additional projects expected to break ground in 2017.

The Cushman & Wakefield team involved in the transactions included executive managing director Rick Swartz, managing director Jay Wagner, senior director Aaron Rosenzweig and director James Dooley, along with associate Caryn Miller.

“For strong growth you need steady partners, and we are thrilled to be moving forward in these terrific markets,” said LCB CEO Michael Stoller. “Our partnership with Cushman & Wakefield has enabled us to be proactive and swift in taking advantage of great opportunities like these.”

LCB Senior Living was founded in 2010, and is the fastest-growing senior housing company in New England. Headquartered in Norwood, Mass., LCB currently owns and operates 15 luxury communities in Massachusetts, New Hampshire, Vermont, Connecticut and Rhode Island, and third-party manages four communities in the greater Boston area. LCB has an additional five properties under development throughout Massachusetts, Connecticut, and New Hampshire.

Since 2003, Virtus Real Estate Capital has focused on investing in niche property types including senior housing, student housing, condo, medical office and storage properties. With over $3 billion invested in 36 different investment vehicles and over 190 properties, Virtus’ business strategy is to find resilient property types that outperform conventional real estate classes through economic cycles, focusing on demographic trends and social needs. 

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Thier 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.