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Joint Venture Acquires 83-Unit Reading Complex

Nov 1, 2017 | Reprints | Unlock Link | Print

An 83-unit assisted living and memory care property in Reading has been recapitalized by Norwood-based LCB Senior Living and Artemis Real Estate Partners of Washington, D.C.

LCB will continue to operate The Residence at Pearl Street, which was previously owned by a joint venture between LCB and Virtus Real Estate Capital. The sale price was $13.5 million and M&T Realty Capital Corp. provided $18.8 million in mortgage financing, according to Middlesex County Registry of Deeds filings.

Built in 1939 as an elementary school, the building was redeveloped into senior housing and expanded in 1996 and renovated in 2014-2015.

Cushman & Wakefield Executive Managing Director Rick Swartz, Executive Director Jay Wagner, Director Jim Dooley and Associate Caryn Miller advised the sellers.

B&T Daily