HANOVER, MA, Jan. 11, 2021 – Cushman & Wakefield announced today that the real estate services firm’s Senior Housing Capital Markets team exclusively advised a joint venture between Benchmark Senior Living and Iron Point Partners, LLC, securing a $29.8 million construction loan for the development of Benchmark of Hanover, a 97-apartment assisted living and memory care community to be located along Route 53 in Hanover, MA.
The Cushman & Wakefield team involved in the transaction includes Vice Chairman Rick Swartz, Executive Managing Director Jay Wagner, Director Sam Dylag, Analyst Jack Griffin and Analyst Joseph Carbone.
“Hanover is a quintessential South Shore Boston suburb with excellent access to commuter highways and tremendous unmet demand for senior living,” said Wagner. “Additionally, Benchmark is New England’s largest senior housing provider and has a superb track record in the industry. This community has the perfect recipe to provide the highest quality care to its residents. Congratulations to Benchmark and Iron Point on this fantastic community.”
Cushman & Wakefield secured the construction loan on behalf of Benchmark from a national healthcare lender to fund the development project.
“We are thrilled to be expanding our senior living offerings to the residents of the South Shore and beyond,” said Sarah Laffey, chief financial officer and senior vice president of Benchmark Senior Living. “Hanover is an ideal setting for the 64th Benchmark community and will possess the beautiful surroundings and leading-edge services our residents and their families have come to expect. It was a pleasure to work with Cushman & Wakefield toward making this exciting project a reality.”
Benchmark is New England’s largest senior living provider and has 63 communities. Over the past 23 years, the company has developed expertise in providing care for individuals in need of assisted living, as well as those with Alzheimer’s disease, dementia and other conditions that cause memory loss. Benchmark of Hanover will be the company’s second South Shore community, along with Benchmark Senior Living at Plymouth Crossings.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Cushman & Wakefield’s National Senior Housing Capital Markets team was established in 2011 and advises top institutional owners, developers and operators on equity, debt and investment sales throughout the United States. Located in Boston and Southern California, the team is led by Rick Swartz and Jay Wagner and includes a total of 11 professionals. The team is consistently ranked amongst the top senior housing brokerage groups in transaction value and has executed on greater than $6 billion in transactions.
About Benchmark Senior Living
Based in Waltham, Mass., Benchmark Senior Living is a leading provider of senior housing in the Northeast. It has 63 communities across Massachusetts, Connecticut, New Hampshire, Rhode Island, New York, Vermont, and Maine. Benchmark employs nearly 6,000 associates within its communities and corporate office. Founded in 1997 by Tom Grape, Benchmark offers independent living, assisted living, memory care and continuing care retirement communities that are guided by Benchmark’s core values — Called to Care, Better Together, and Be the Benchmark — and are committed to transforming lives through human connection. Click here for more information.
About Iron Point Partners
Iron Point Partners is a real estate private equity firm with capital commitments totaling approximately $6 billion across funds managed by Iron Point and its affiliates. Employing a theme-based investment approach, Iron Point and its predecessors have invested in more than 85 transactions across commercial real estate property types including specialty real estate asset classes such as senior housing, data centers, self-storage, and affordable housing. The firm also invests in numerous distressed and other special situation opportunities. Prior to forming Iron Point in 2007, certain of the principals managed RMB Realty, Inc. and its successor Oak Hill Realty, LLC, real estate investment vehicles for the Robert M. Bass family office.
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