The Arbors at Stoughton
In July 2008, Loeb made an investment to develop a 91-unit assisted living facility in Stoughton, Massachusetts, just south of Boston, as a joint venture with a local operating partner. This is a residential rental property designed for the elderly needing care but not full time nursing care, with a portion designed for memory care patients. Because assisted living is an operating business, the selection and oversight of the operating partner has been critical to its success. Loeb’s initial thoroughness in this regard has allowed it to build on success in this area over time. Stoughton is the third such facility developed by Loeb with this operating partner. Our fourth property is currently in lease-up and nearly stabilized, and a fifth is under construction.
The facility was constructed from the ground up, built on time and substantially below initial cost estimates. In October 2014, the property was refinanced returning to the investors 100% of their original equity without increasing debt service on the property or reducing its cash flow.