Cushman & Wakefield Arranges $34M Construction Financing for LCB Project in Connecticut

DARIEN, Conn. — Cushman & Wakefield has arranged $34 million in construction financing for LCB Senior Living, which will use the capital to build The Residence at Selleck’s Woods, a 105-unit independent living, assisted living and memory care community in Darien.

Located on the coast between Norwalk and Stamford, Darien is approximately 45 miles northeast of New York City.

The Residence at Selleck’s Woods will be LCB’s 14th community, all located in New England. It will be a two-story building on a four-acre site overlooking a 48-acre nature preserve. The property will include 78 units that will offer independent living or assisted living, and 27 units for memory care.

The construction site is currently occupied by a 25,000-square-foot vacant office building, which LCB will renovate and expand into the 101,000-square-foot seniors housing community.

Rick Swartz, Aaron Rosenzweig, Jay Wagner, Caryn Miller and Jim Dooley of Cushman & Wakefield ngeotiated the financing. M&T Bank provided the capital.

LCB expects to complete the project during the third quarter of 2018. Virtus Real Estate Capital is joint venture partner on the project, providing 85 percent of the equity investment.

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