Harrison Street Picks Up Boston-Area Senior Asset
- Feb 15, 2021
Harrison Street Real Estate Capital, along with partner LCB Senior Living, has purchased The Residence at Watertown Square, a 90-unit senior community in Watertown, Mass. Newmark arranged the acquisition financing for the buyers. Last September, LCB broke ground on The Residence at Penniman Hill, another 90-unit senior community outside of Boston.
According to the New England Real Estate Journal, LCB is the original developer of the asset that broke ground in mid-2013 and opened its doors in 2014. Three years after its completion, LCB—along with Washington Capital Management—received a $45 million recapitalization loan, arranged by Cushman & Wakefield, as reported by REBusinessOnline. LCB remained the operator of the facility.
Located at 20 Summer St. just off Route 20, The Residence at Watertown Square is nearly 10 miles west of central Boston. Interstate 90 is roughly a mile south. The property comprises 19 independent living, 46 assisted living and 25 memory care units.
The Newmark team securing the loan included Managing Director Sarah Anderson, Vice Chairmen Ryan Maconachy and Chad Lavender, along with Managing Director Ross Sanders and Senior Managing Director David Fasano.
In late 2019, Harrison Street picked up an 11-asset senior housing portfolio, encompassing 1,322 units throughout Maryland, New Jersey and Massachusetts. Brightview Senior Living was the manager of the stabilized communities.