LCB Senior Living, LLC Acquires Albion Court in Lincoln, RI
60-Apartment Memory Care Assisted Living Community Has
Been Renamed “The Lighthouse at Lincoln”
FOR IMMEDIATE RELEASE
For further information contact Ted Doyle at 781-619-9325 or firstname.lastname@example.org.
NORWOOD, MA – October 4, 2013. LCB Senior Living, LLC (www.lcbseniorliving.com), the Norwood, MA-based developer and operator of Independent, Assisted and Memory Care communities for seniors, has announce the acquisition of Albion Court in Lincoln, RI. The 60-apartment memory care assisted living community will be re-branded as “The Lighthouse at Lincoln” (www.lighthouselincoln.com), effective immediately.
Located at 425 Albion Road in Lincoln, RI, The Lighthouse at Lincoln lies in a wooded setting nearby Routes 116 and 146, and in close proximity to the Lincoln Mall. This location provides tremendous access to the area’s abundant culture, shopping, worship communities and other attractions.
“This is a tremendous acquisition for LCB Senior Living,” said CEO Michael A. Stoller. “The Lincoln market has broad senior housing needs which this beautiful community is well-positioned to fulfill. We’re looking forward to implementing a focused and aggressive marketing program to make The Lighthouse at Lincoln a success.”
Prior to the acquisition the community had been performing at less than 60% occupancy. LCB has brought in a new, deeply-experienced management team with strong local market knowledge to bolster performance.
Debt financing for the acquisition was provided by Wells Fargo Bank. The equity partner on the transaction was Prudential Real Estate Investors, through their Senior Housing Partnership Fund IV.
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 manages Traditions of Wayland (www.traditionsofwayland.com) and Traditions of Dedham (www.traditionsofdedham.com), and owns and operates The Arbors of Bedford (www.arborsofbedford.com) in Bedford, NH. The Residence at Watertown Square (www.residencewatertown.com) in Watertown, MA, The Residence at Riverbend (www.residenceriverbend.com) in Ipswich, MA and The Residence at South Windsor Farms (www.residencesouthwindsor.com) in South Windsor, CT all broke ground recently and will be open in late 2014. The Residence at Brookside in Avon, CT will break ground later this fall.
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