Norwood, MA – March 15, 2013 – (RealEstateRama) — As exclusive buy-side advisor to Berkshire Realty Ventures, LLC (“Berkshire”), Cushman & Wakefield’s Senior Housing Capital Markets Group, a division within the Equity, Debt & Structured Finance Group, has advised on a $40 million joint venture between Berkshire, a New York based real estate private equity firm, and LCB Senior Living. LCB Senior Living is a newly formed senior housing owner/operator consisting of the former management team of Newton Senior Living, a well-regarded senior housing operator in the Northeast that was acquired by Lazard Freres in 2005. The Berkshire investment will be used to facilitate LCB’s growth program through acquisitions and development of new senior living facilities in the Northeast.
The Cushman and Wakefield team involved in the transaction included Richard Swartz and Phil Anderson as Co-Heads of Cushman & Wakefield’s Senior Housing Capital Markets team, as well as Senior Director Jay Wagner, Director Aaron Rosenzweig and Associate Stuart Kim.
“Berkshire’s investment in LCB reflects the strong interest in the senior housing sector from private equity investors,” noted Swartz. “This trend continues to gain momentum and our team is well-positioned to foster and facilitate these partnerships.”
“LCB’s experience and the outstanding management track record as well as LCB’s strong pipeline of investments was extremely desirable to Berkshire,” noted Anderson.
“We’re excited to begin our relationship with LCB and to help grow their platform,” said Larry Ellman of Berkshire. “We look forward to working with the LCB management team.”
LCB Senior Living Michael Stoller 781.619.9320
Berkshire Real Estate Ventures LLC Larry Ellman 646.278.9690
Cushman & Wakefield Richard Swartz 617.330.6966
Cushman & Wakefield Phil Anderson 407.541.4421
About Berkshire Realty Ventures – Berkshire Realty Ventures is a New York City based, private equity company focused on entity level investments in real estate operating companies. Berkshire Realty Ventures’ mission is to partner with well positioned management teams who can take advantage of long term growth opportunities and will benefit from having a strongly capitalized, savvy and committed investment partner. Berkshire Realty Ventures is an affiliate of The Berkshire Group, a 40+ year old real estate and private equity company that has raised over $6 billion in third party investor equity, and has made over $10 billion in direct and entity level real estate investments.
About LCB Senior Living – LCB Senior Living, LLC is a developer/operator and third-party manager of quality senior housing communities. Since 1994, the LCB team has been pioneers in modern senior living, providing senior housing, assisted living and memory care services throughout New England and the eastern United States. During that time, they built and sold the 16th-largest such company in the nation.
About Cushman & Wakefield – Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 253 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
Nick Derasmo (212.841.7505)