February 12, 2021, 12:00 PM
Newmark announces the acquisition financing of The Residence at Watertown Square, a 90-apartment senior living community located at 20 Summer Street in the high-end Boston suburb of Watertown, Massachusetts. Newmark Managing Director Sarah Anderson, Vice Chairmen Ryan Maconachy and Chad Lavender, Managing Director Ross Sanders and Senior Managing Director David Fasano represented the buyers, a joint venture partnership between Harrison Street Real Estate Capital and Norwood, MA-headquartered LCB Senior Living (LCB), in the placement of financing for property.
“The community, which benefits from very limited new competition, is proximate to both large retail nodes and high-end residential areas in and around Watertown,” said Anderson. “LCB Senior Living, which has operated in the Boston market since its inception, will continue to operate the community.”
Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units; multiple spacious common areas, a large roof deck and state-of-the-art lifestyle technologies throughout the building.
“We are very pleased to complete this transaction,” commented LCB CEO Michael A. Stoller. “Watertown is a tremendous property and we’re looking forward to expanding our relationship with Harrison Street, who have been great partners with LCB for several years.”
According to research from the Newmark Seniors Housing Group, the Boston market is in a favorable position to succeed post-pandemic given the advantageous supply and demand fundamentals. As of the third quarter of 2020, there were only 474 units under construction which is the second lowest of any top 15 MSA, trailing only San Francisco.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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