STAMFORD, Conn. — Cushman & Wakefield has arranged $23.3 million in financing for a joint venture between LCB Senior Living and Virtus Real Estate Capital, which will use the loan to build The Residence at Stony Ford, a 104-unit independent living, assisted living and memory care community.
The five-story community will be LCB’s 13th seniors housing development. It is situated on an infill, mixed-use, one-acre plot in downtown Stamford, approximately 30 miles northeast of New York City. Existing multifamily and office buildings on the site will be demolished for the new development.
M&T Bank will provide the capital. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, James Dooley and Caryn Miller arranged the financing.
The developers expect to open the project during the second quarter of 2018.
LCB is a developer and operator of 1,607 seniors housing beds with an additional 450 currently under construction and an active pipeline of four additional projects expected to break ground in 2017. The company’s properties are largely centered in New England.