PHILADELPHIA, Jan. 11, 2021 – Cushman & Wakefield announced the real estate services firm’s Senior Housing Capital Markets team served as the exclusive advisor to a joint venture between Harrison Street and LCB Senior Living, LLC to secure the acquisition financing of a portfolio of three senior housing assets in New Jersey. The portfolio totals 263 AL and MC units well-located in the strong suburban markets of Cherry Hill, Voorhees, and Stafford Township. The portfolio acquisition has attractive going-in cash flow with apparent upside from continued leasing and modest capital improvements
”We are excited to see the Harrison Street/LCB partnership continue to grow its existing relationship by adding these three communities in New Jersey,” said Richard Swartz, vice chairman at Cushman & Wakefield. “The acquisition represents LCB’s first entry into New Jersey, however they now operate five communities in the Philadelphia MSA, including two other developments located in Philly suburbs in Pennsylvania.”
Cushman & Wakefield arranged the non-recourse financing with Synovus Bank with earmarked capex funds and earn-out potential for additional proceeds.
The Cushman & Wakefield team involved in the financing included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Senior Director Jim Dooley and Associate Bailey Nygard.
About LCB Senior Living
LCB Senior Living is one of the most reputable developers and operators of independent, assisted and memory care housing for seniors in the Northeast. LCB has established a robust portfolio of senior housing communities throughout the region by developing and acquiring in prime locations with a diverse collection of equity partners. Since it recapitalized its organization in early 2013, LCB has broken ground on 18 properties, of which 17 have delivered, and has acquired an additional 11 properties across five New England states as well as Pennsylvania and New Jersey. Total project capitalization is currently over $1 billion. Currently, LCB operates 2,770 senior housing beds.
For more information please visit www.lcbseniorliving.com
About Harrison Street Real Estate Partners
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 185-employees and approximately $30 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE.
For more information, please visit www.harrisonst.com.
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 12 professionals. The team is consistently ranked amongst the top senior housing brokerage groups in transaction value and has executed on greater than $8 billion in transactions.
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