Boston, MA – Cushman & Wakefield announced today that the real estate services firm’s Senior Housing Capital Markets team has arranged the sale of Wingate Residences at Boylston Place, a 48-unit assisted living property, and Wingate at Chestnut Hill, a 135-bed skilled nursing facility on a campus in Chestnut Hill, Massachusetts.
The institutional seller was a pension fund investor who is exiting the senior living space. The buyer is a joint venture between Harrison Street, an institutional private equity firm, and LCB Senior Living, LLC, a regional operator who plans to upgrade the existing assisted living building and convert the existing skilled nursing portion to additional assisted living space, memory care and increased common area space.
The transaction represents the fifth in a series of divestitures Cushman & Wakefield has executed on behalf of the seller.
The Cushman & Wakefield team involved in the transaction includes Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin.
“This is an irreplaceable infill location in the Boston MSA, with high visibility and considerable upside,” said Wagner. “We are proud to once again execute on behalf of the seller and to further expand our relationship with Harrison Street and LCB.”
About Harrison Street Real Estate Capital
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 190 employees and approximately $32 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 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 19 properties, of which 17 have delivered, and has acquired an additional 12 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.