Harrison Street Picks Up Boston-Area Senior Asset
The 90-unit community in Watertown, Mass., offers independent and assisted living, along with memory care services. Feb152021
Image via Google Maps
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