C&W arranges financing for South Jersey senior housing acquisition

Cushman & Wakefield has arranged acquisition financing for a portfolio of senior housing assets in South Jersey, it announced this week.

The real estate firm said in a news release that a joint venture between Harrison Street and LCB Senior Living LLC has acquired a total of 263 assisted living and memory care units across three facilities, in Cherry Hill, Stafford Township and Voorhees.

C&W arranged the financing with Synovus Bank for the buyers.

“We are excited to see the Harrison Street/LCB partnership continue to grow its existing relationship by adding these three communities in New Jersey,” C&W Vice Chairman Richard Swartz said in a prepared statement. “The acquisition represents LCB’s first entry into New Jersey; however, they now operate five communities in the Philadelphia (metropolitan statistical area), including two other developments located in Philly suburbs in Pennsylvania.”

The C&W team included Swartz; Jay Wagner, executive managing director; Aaron Rosenzweig, managing director; Jim Dooley, senior director; and Bailey Nygard, associate.