New York-based private equity group Berkshire has formed a $40 million senior housing joint venture with LCB Senior Living, the companies announced this week, with Cushman & Wakefield advising Berkshire on the deal.
LCB Senior Living, based in Massachusetts, is a developer, operator and third-party manager of senior housing communities in New England and the eastern United States. The company focuses in senior living, senior housing, assisted living and memory care with several properties currently under agreement and several other acquisitions under way.
Through the partnership with Berkshire, a newly formed owner/operator comprising former Newton Senior Living executives, LCB will be positioned for growth through future acquisitions and development, the companies said.
“We hope to do three to five developments and a couple of acquisitions each year,” Michael Stoller, LCB managing partner and CEO told SHN. “We are looking to grow the Alzheimer’s and memory impairment segment of our business.”
LCB recently acquired its first all-memory care community and is currently focused on 70- to 100-unit assisted living communities with a continuum of care spanning independent living to memory care.
“LCB’s experience and the outstanding management track record as well as LCB’s strong pipeline of investments was extremely desirable to Berkshire,” said Phil Anderson, co-head of Cushman & Wakefield’s Senior Housing Capital Markets team.
Cushman & Wakefield’s Richard Swartz co-heads the team with Senior Director Jay Wagner, Director Aaron Rosenzweig and Associate Stuart Kim also advising Berkshire on the venture.
“Berkshire’s investment in LCB reflects the strong interest in the senior housing sector from private equity investors,” Swartz said. “This trend continues to gain momentum and our team is well-positioned to foster and facilitate these partnerships.”
Written by Elizabeth Ecker