Cushman & Wakefield has arranged $19.6 million of senior financing and joint venture equity capital for LCB Senior Living LLC’s acquisition of a senior housing facility in Reading.

Of that financing, $13.5 million was provided by M&T Bank, while the joint venture equity was provided by Virtus Real Estate Capital.

The acquired property, formerly known as Longwood at Reading, is an 86-unit assisted living community situated in a former school building that was converted into senior housing in 1997 by the previous owner.

LCB plans to convert units on the first floor of the building from assisted living units to memory care units, and will also continue to rehabilitate the historic building. LCB will rebrand the community The Residence at Pearl Street.

LCB Senior Living is a senior housing owner/operator consisting of the former management team of Newton Senior Living, which was the 16th-largest assisted living company in the nation at the time of its sale to Lazard Freres in 2005.

The Cushman and Wakefield team included Richard Swartz, executive managing director; Jay Wagner, managing director; Aaron Rosenzweig, director; and Stuart Kim, associate.