News: Front Section
Posted: April 15, 2016
Cushman & Wakefield arranges sale for Maggiore Cos. and Monarch Homes
Monarch Homes - Weymouth, MAWoburn, MA As advisor to a joint venture between The Maggiore Companies and Monarch Homes, Cushman & Wakefield senior housing capital markets has arranged the sale of The Monarch Homes portfolio, consisting of two, recently constructed, dedicated Alzheimer/memory-care communities located in Weymouth and Woburn, Mass. The portfolio sale price was undisclosed. The portfolio was acquired by a joint venture that includes Garrison Investment Group, Grand Park Capital Management, and Focus Healthcare Partners, LLC. The properties will be managed by LCB Senior Living.
Built in 2013 (Woburn) and 2014 (Weymouth), these communities are located within 14-miles of downtown Boston and benefit from visibility alongside commercial roads close to commuter routes. Both properties are surrounded by retail and medical offerings and lie adjacent to major suburban employment centers such as the Fortune 500 technology corridor in Woburn and the financial service and insurance companies near the Weymouth property.
Monarch Homes - Woburn, MAMonarch Homes Woburn and Weymouth were built by Maggiore Construction Corp., the construction arm of the Maggiore Cos. headed by Matthew Maggiore, president and David Mann, director of construction. The building design was directed by David Errico of MonarchHomes, LLC and implemented by Maggiore Cos.’ in-house design team.
The Cushman & Wakefield team included executive managing director Richard Swartz, managing director Jay Wagner, senior director Aaron Rosenzweig and associates Stuart Kim and Timothy Hosmer.
In addition to the sale, Cushman & Wakefield acted as exclusive debt placement agent to buyer arranging the financing with a regional bank.
“Recognizing their strong competitive position in the Boston Metro Market, the portfolio was well received by a wide spectrum of senior housing investors” commented Jay Wagner. “This acquisition represented a strategic opportunity for the buyer to enter the Boston market and to initiate a relationship with LCB” said Swartz.
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