CHADDS FORD, Pa. — Cushman & Wakefield Senior Housing Capital Markets has raised equity and arranged $20.5 million in financing for the construction of The Residence at Chadds Ford, an 84-unit independent living, assisted living and memory care community in the Philadelphia suburb of Chadds Ford.
The borrower is LCB Senior Living, which is building the community. It will be the company’s 15th seniors housing property, and its first in the Philadelphia metro. The community is located along the Delaware border, 11 miles north of Wilmington.
The community will consist of a 92,000-square-foot, three-story building on a 2.3-acre site. It will offer 64 independent living and assisted living apartments, as well as 20 memory care beds. All programming was developed in collaboration with the Harvard Medical School, McLean Hospital and Brigham & Women’s Hospital.
The project is slated for competion in the second quarter of 2019.
Webster Bank is providing $20.5 million of non-recourse construction financing at 65 percent loan-to-cost for the joint venture between LCB and its institutional partner. The Cushman & Wakefield team involved in the transactions included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Caryn Donahue.