New Jersey

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AcquisitionsDevelopmentNew JerseyNews

SLIB Arranges Sale of Development Site in New Jersey

by Hayden Spiess

SUCCASUNNA, N.J. — Senior Living Investment Brokerage has arranged the sale of a nine-acre entitled development site located in Succasunna an unincorporated community located in Roxbury Township, roughly 45 miles northwest of New York City.  According to SLIB, the site is approved for the development of a senior living community totaling 175 units of independent living, assisted living and memory care.  A private owner sold the property to a New Jersey-based developer for an undisclosed price. Dave Balow and Toby Siefert of SLIB brokered the transaction.  “This transaction allows the Seller …

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Active AdultDevelopmentFinanceNew JerseyNews

PCCP Provides $66.9M Loan for Active Adult Development in Metro New York City

by Hayden Spiess

FAIR LAWN, N.J. — Finance and investment management firm PCCP has provided a $66.9 million loan for the development of a new active adult community located in Fair Lawn, roughly 25 miles northwest of New York City. Sterling Properties and Danbro Properties received the financing.  Dubbed Plaza Greene, the community will total 145 residences across four stories, with 127 market-rate apartments and 18 affordable units. The development will also feature 24,000 square feet of retail space, anchored by a 22,300-square-foot Sprouts Farmers Market. Completion of construction is scheduled for 2027.   Based …

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Affordable HousingDevelopmentFinanceNew JerseyNews

NJEDA Approves $35.3M in Tax Credits for Project in Northeast New Jersey

by Hayden Spiess

TOTOWA, N.J. — The New Jersey Economic Development Authority (NJEDA) board has approved $35.3 million in tax credits for a new seniors housing project in Totowa, roughly 20 miles northwest of New York City.  Upon completion, the development will feature 141 units. The project, known as Totowa Affordable Housing, is an adaptive reuse of the former Little Sisters of the Poor facility. Chrisitan Health is the lead developer.  All of the residences, which will include eight studio units, 123 one-bedroom units, 10 two-bedroom units, will be designated as affordable housing.  Financing …

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Assisted LivingDevelopmentMemory CareNew JerseyNews

National Development, Benchmark Underway on 87-Unit Community in New Jersey

by Hayden Spiess

EAST BRUNSWICK, N.J. — A joint venture between National Development and an affiliate of Benchmark Senior Living is currently underway on the development of a new community in East Brunswick.  Upon completion, Benchmark at East Brunswick will total 87 units and 100 beds for assisted living and memory care residents. Amenities at the property, which will total 84,276 square feet across three stories, will include multiple dining venues, a theater, fitness center, salon and outdoor spaces.  Construction has begun, and the opening is scheduled for 2028.  JLL Capital Markets recently arranged …

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Senior-Horizons-Bayonne_Bayonne-N.J
AcquisitionsAffordable HousingNew JerseyNews

Hudson Atlantic Realty Brokers Sale of 59-Unit Affordable Community Near New York City

by Hayden Spiess

BAYONNE, N.J. — Hudson Atlantic Realty has brokered the sale of Senior Horizons at Bayonne, an affordable seniors housing community located in Bayonne, roughly 10 miles outside New York City. The buyer and seller were not disclosed.  The property, which totals 59 units, is subject to agreements with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and New Jersey Department of Community Affairs (NJDCA) through 2047, as well as a Hudson County HOME regulatory agreement through 2042.  Of the units, 30 percent are reserved for residents earning at or below …

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DevelopmentFinanceNew JerseyNews

Live Well Senior Living Secures $45.6M Development Financing for Project in New Jersey

by Hayden Spiess

VINELAND, N.J. — Live Well Senior Living Inc. has secured $45.6 million in bonds to finance the development of a new senior living community in Vineland, roughly 40 miles south of Philadelphia. Ziegler arranged and underwrote the financing.  Upon completion, Live Well Cottages at Vineland will total 130 units.  Distinctive Living will manage and operate the community. “Live Well Cottages addresses one of the most pressing challenges in senior housing today — affordability without sacrificing quality or choice,” says Joe Jedlowski, founder and CEO of Distinctive Living. “The cottage and pocket-neighborhood …

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New JerseyNewsOperations

Arbor Co. Assumes Management of Chelsea Senior Living in Metro New York City

by Hayden Spiess

SHREWBURY, N.J. — The Arbor Co. has assumed management of Chelsea Senior Living at Shrewsbury located roughly 50 miles outside New York City in Shrewsbury.  Following the transition, which occurred Jan. 15, the community was rebranded as Arbor Terrace Monmouth. The property features both assisted living and memory care units.  Atlanta-based Arbor operates a portfolio of more than 45 senior living communities across 11 states.  

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The-Chelsea_New-City-N.Y
FinanceNew JerseyNew YorkNews

Bain, Capitol Seniors Housing Receive $48M Refinancing for Two Northeast Communities 

by Hayden Spiess

NEW CITY, N.Y. and TOWNSHIP OF WASHINGTON, N.J. — Bain Capital Real Estate and Capitol Seniors Housing have received a $48 million loan for the refinancing of two seniors housing communities. The communities include The Chelsea at New City in New City, New York, and The Chelsea at Washington Township in the Township of Washington, New Jersey.  JLL Capital Markets secured the three-year, floating-rate loan through a large regional bank on behalf of Bain and Capitol Seniors Housing.  Built in 2021, The Chelsea at New City totals 80 assisted living, memory …

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New JerseyNewsPennsylvania

Viva Senior Living Assumes Management of Four Northeast Communities

by Hayden Spiess

NORWOOD, N.J. — Viva Senior Living has assumed management of four communities located in New Jersey and Pennsylvania.  The communities include Belle Reve Senior Living in Milford, Pennsylvania; Heritage Hill Senior Community in Weatherly, Pennsylvania; Cardinal Village in Sewell, New Jersey; and Viva Senior Living at Cross Keys in Glassboro, New Jersey.  Logos Living Capital, along with affiliates, acquired the properties and engaged Viva to serve as the operator.  New Jersey-based Viva’s management portfolio comprises 40 senior living communities across the East, Southeast and Midwest. 

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Affordable HousingDevelopmentNew JerseyNews

WinnDevelopment, Soldier On Break Ground on $29M Affordable Development for Veterans

by Hayden Spiess

WEST DEPTFORD, N.J. — WinnDevelopment and nonprofit Soldier On have broken ground on a new affordable housing development in West Deptford for senior veterans. This marks the fifth partnership between WinnDevelopment, the development arm of WinnCos., and Soldier On.  Upon completion, the $29 million development will feature 84 apartments reserved for veterans age 55 and older. Dubbed the Gordon H. Mansfield Veterans and Seniors Village, the 84,720-square-foot property will have a mix of one- and two-bedroom units. Twenty-one apartments will be reserved for residents earning at or below 30 percent of …

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