LCB Senior Living, LLC Completes the Acquisition of Two Vermont Properties - LCB Senior Living, LLC

LCB Senior Living, LLC Completes the Acquisition of
Two Vermont Properties

NORWOOD, MA – LCB Senior Living, LLC (www.lcbseniorliving.com), New England’s fastest-growing senior housing company, has acquired two Independent, Assisted and Memory Care senior housing properties in Vermont:  The Lodge at Shelburne Bay in Shelburne and The Lodge at Otter Creek in Middlebury.  The communities comprise 322 apartments and private cottages.

The properties were purchased from the Bullrock Corporation of Vermont at a cost of $80 million. Virtus Investment Partners provided $23m in equity, while PNC Bank contributed $57m in debt.

The Lodge at Shelburne Bay has been rebranded The Residence at Shelburne Bay, in keeping with LCB’s community-naming convention.  The two-building campus includes 191 apartments, and is located along the shores of Lake Champlain at 185 Pine Haven Shores Road.

The newly-renamed Residence at Otter Creek sits on the outskirts of downtown Middlebury.  The 30+ acre campus includes a main building and several private cottages, for a total of 131 residences.

Since its inception in late 2010, LCB Senior Living has built or acquired eight properties and two management contracts comprising more than 1000 senior living apartments.  The company has an additional four permitted sites in various stages of construction, and several others in permitting.

LCB Senior Living CEO Michael A. Stoller commented: “These two properties are among the finest acquisitions that LCB has made.  They are high-performing assets that yet have tremendous upside, and we’re very fortunate to have attained them.”

LCB Senior Living was founded in 2010 by the management team of the former Newton Senior Living, LLC (NSL).  NSL was one of the first assisted living developers and operators in Massachusetts, and was the 16th-largest assisted living company in the United States when it was sold to a division of Lazard Freres in 2005.  Headquartered in Norwood, MA, LCB currently operates six senior living facilities in Massachusetts: Traditions of Wayland, Traditions of Dedham, The Residence at Pearl Street in Reading and The Residence at Cedar Dell in Dartmouth, along with The Arbors of Bedford in New Hampshire, and The Lighthouse at Lincoln in Rhode Island.  The Residence at Watertown Square in Watertown, MA and The Residence at Riverbend in Ipswich, MA will open this Fall.

In addition, LCB has two communities under construction in Connecticut: The Residence at South Windsor Farms (South Windsor) and The Residence at Brookside (Avon) comprising approximately 155 assisted, independent and memory impairment units, two more in Ashland, MA and Easton, MA, and permitted sites in Salem and Bedford, NH.

 

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