LCB Senior Living Closes Financing on Salem, NH & Burlington, VT Locations;
Set to Move Forward With The Residence at Salem Woods & The Residence at Quarry Hill
FOR IMMEDIATE RELEASE
For Further Information Contact Ted Doyle at 781-619-9325 or firstname.lastname@example.org
SALEM, NH — LCB Senior Living has closed financing on parcels in Salem, NH and South Burlington, VT.
The Residence at Salem Woods in Salem New Hampshire will be an 84-apartment / 88-bed independent, assisted and memory care community situated in a three-story building on a 7-acre site. Wells Fargo provided $15.6 million in construction financing while the joint venture equity was provided by an institutional investor. The project broke ground in November 2014 and is expected to open in early 2016.
The Residence at Quarry Hill in South Burlington, Vermont will be a 102-apartment / 104-bed independent, assisted and memory care community developed on a 2.7 acre site just outside of downtown Burlington, Vermont. The land site was acquired as part of a larger portfolio acquisition that occurred earlier in 2014 which included two premier senior housing properties in Vermont. PNC Bank provided $18.4 million in construction financing while Virtus Real Estate Capital provided $8.5 million in joint venture equity. Construction will commence in January 2015 with a planned Summer 2016 opening.
Each community will include a mix of studio, one-bedroom and two-bedroom apartments, and will feature a Reflections Memory Care neighborhood.
The residences will also include a variety of common areas: living rooms, library, computer room, private dining, entertainment, recreation, cafes and others. The landscaped grounds will include walking paths for residents, sitting areas, gardens and other amenities.
Led by Michael Stoller and Steve Puliafico, LCB Senior Living is a senior housing owner/operator consisting of the former management team of Newton Senior Living, which was the 16th-largest assisted living company in the nation at the time of its sale to Lazard Freres in 2005. LCB is developing and acquiring a robust portfolio of senior housing communities in the New England market and The Residence at Salem Woods and The Residence at Quarry Hill will mark LCB’s 7th and 8th senior housing development since the organization recapitalized in 2013. Additionally, LCB has acquired six senior housing communities since 2013. All of its developments and acquisitions have been in the New England market.