LCB Acquires Longwood Place at Reading

May 1, 2014

 LCB Senior Living, LLC Acquires Longwood Place at Reading

Community Will be Renamed The Residence at Pearl Street

(NORWOOD, MA.  May 1, 2014)  LCB Senior Living, LLC, New England’s fastest-growing senior housing company, has announced the acquisition of Longwood Place at Reading, located at 75 Pearl Street in Reading, Massachusetts.  The community will be renamed The Residence at Pearl Street, effective immediately.

The seller in the transaction was Reading Senior Living Associates Limited Partnership.  Funding was provided by joint venture partner Virtus Real Estate Capital, and by M&T Bank.  Deal particulars were not disclosed.

Located on 4.8 acres just a few blocks from downtown Reading, the 86-apartment community was established in 1997.  It was built by joining the former Pearl Street School (which is listed on the National Register of Historic Places) with a new wing of resident apartments comprising a total of 85,000 square feet.

The Residence at Pearl Street will include both independent and assisted living accommodations.  The community will be renovated over the next 12 months to include new furniture and finishes, and other improvements designed to enhance the flow and appeal of the residence.  In addition, a Reflections Memory Care neighborhood will be created.

“The Residence at Pearl Street is a wonderful addition to the LCB Senior Living portfolio,” commented CEO Michael A. Stoller. “Reading is a fantastic community, and serves an area north of Boston that is in need of senior housing options.  We are looking forward to enhancing a community that Reading and the surrounding region is already very proud of.”

Independent Living residents at the community will have their own apartment with kitchenette and bath, along with the peace of mind of 24-hour security, three gourmet meals prepared and served restaurant style on-site, available laundry and cleaning services, a full activities program, building and grounds maintenance, and a host of optional services.  Assisted Living residents will have all of the above, along with assistance with the activities of daily living, including dressing, bathing medication reminders, and other services.

Beginning is approximately eight months, The Residence at Pearl Street will also include LCB’s Reflections Memory Care services for residents with early stage Alzheimer’s disease and other memory impairments.  In addition to offering sophisticated cognitive programming and a range of daily services, Reflections is a secure, safe environment with its own common areas, walking courtyard, and other amenities.

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 four assisted living facilities: Traditions of Wayland and Traditions of Dedham for a third-party owner, and The Arbors of Bedford in Bedford, New Hampshire and The Lighthouse at Lincoln in Lincoln, RI.  In addition, LCB will soon complete construction on The Residence at Watertown Square in Watertown, MA, The Residence at Riverbend in Ipswich, MA, and The Residence at South Windsor Farms in South Windsor, CT.

LCB also is constructing The Residence at Brookside in Avon, CT, and recently received approval for The Residence at Valley Farm in Ashland, MA, The Residence at Five Corners in Easton, MA, and The Residence at Eagle Landing in Bedford, NH—all of which will begin construction in the coming months.

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