Cushman & Wakefield Arranges $53.4 Million in Construction Financing for LCB Senior Living Developments in Massachusetts
Cushman & Wakefield Senior Housing Capital Markets, a global real estate services firm, has arranged $53.4 million loan in construction financing and joint venture equity for LCB Senior Living’s two senior housing developments in Massachusetts.
The Residence at Vinnin Square in Swampscott, Massachusetts, will consist of 84 units for independent living, assisted living and memory care. The three-story building will be situated on a 3.1-acre site. M&T Bank provided $18.5 million for construction, while real estate investment firm AEW Capital Management and LCB provided $10 million in joint venture equity on the project, which broke ground in October and is expected to open in early 2017.
The Residence at Melrose Station in Melrose, Massachusetts, will be a 90-apartment independent living, assisted living and memory care community developed on a 1.5-acre site. M&T Bank provided $19.8 million in construction financing and the same joint venture provided $10.5 million in equity. Construction was slated to begin in November, with an early 2017 opening planned.
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