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Cushman & Wakefield Arranges Refinancing of Senior Housing Community in Stamford

Jayden Lapin-Tatman • 7/22/2022

Stamford, CT – Cushman & Wakefield announced today that the real estate services firm has arranged the refinancing of a newly developed full-continuum senior housing community in Stamford, Connecticut on behalf of Virtus and LCB Senior Living.

Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone represented the borrower in the transaction. The loan was provided by VIUM Capital and its affiliate Merchants Bank of Indiana.

“We feel that we found a good financing solution for our valued clients, LCB and Virtus, and overcame a challenging environment to produce an outcome that helps this asset continue towards stabilization,” said Wagner.

The Residence at Summer Street was developed by LCB, a leading senior living operator and developer in New England and the Mid-Atlantic and was fully delivered in 2018 with 104 units of independent living, assisted living and memory care.

The community is a five-story mid-rise building situated between an urban mix of office, local retail, residential multifamily and densely populated single-family neighborhoods. The financing repaid the original construction loan and provides a four-year interest-only period while the property continues its initial lease up. The loan included earn-out proceeds to be funded upon meeting DSCR tests.

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 18 have delivered, and has acquired an additional 13 properties across five New England states as well as Pennsylvania and New Jersey. Total project capitalization is currently over $1 billion. Currently, LCB operates 2,935 senior housing beds. For more information, please visit www.lcbseniorliving.com.

About Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 18 years, the Firm has acquired 253 properties for a combined acquisition value of over $4.6 billion and has fully realized 181 of those investments. Virtus has a strong and established track record through all phases of the market cycle.

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 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

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