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AcquisitionsAssisted LivingFinanceNew JerseyNews

Cushman & Wakefield Arranges Acquisition Financing for Three-Property Portfolio in New Jersey

by Jeff Shaw

CHERRY HILL, VOORHEES and STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged an undisclosed amount of financing for the acquisition of three seniors housing communities in New Jersey. The borrower is a joint venture between Harrison Street and LCB Senior Living. The communities, all under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield …

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AcquisitionsAssisted LivingNew JerseyNews

Blueprint Negotiates Sale of Two Assisted Living Communities in New Jersey

by Jeff Shaw

NEW JERSEY — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in New Jersey. The properties each feature 39 units and are located 45 miles away from each other. A New Jersey-based owner-operator looking to expand acquired the properties as a value-add opportunity. The seller, price, names and specific locations were not disclosed.

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CCRCFinanceMassachusettsNew JerseyNewsPennsylvaniaVirginia

Truist Provides $136M in Financing for National Senior Campuses

by Jeff Shaw

WELLESLEY HILLS, Mass. — Truist Financial Corp. has provided a $136 million loan to National Senior Campuses, a continuing care retirement community (CCRC) operator based in Wellesley Hills. The financing will be used toward five of the borrower’s communities, totaling 7,731 units in Warminster, Pennsylvania; Peabody, Massachusetts; Pompton Plains, New Jersey; Springfield, Virginia; and Tinton Falls, New Jersey. Greenspring, one of the borrower’s CCRCs in Northern Virginia, is the first affiliate that will benefit from the new debt proceeds. In total, the funding will provide $115 million toward multi-year, multi-phased …

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AcquisitionsAffordable HousingNew JerseyNews

Colliers Arranges $94M Sale of Affordable Seniors Housing Property in East Orange, New Jersey

by Jeff Shaw

EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to expire in 10 years, has now been extended for 30 years as part of the purchase agreement. …

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AcquisitionsActive AdultNew JerseyNews

Kislak Brokers $16.4M Sale of Active Adult Community in Hamilton Township, New Jersey

by Jeff Shaw

HAMILTON TOWNSHIP, N.J. — The Kislak Company Inc. has brokered the $16.4 million sale of Twin Ponds, a 75-unit active adult community in Hamilton Township, located outside Trenton. Justin Lupo and Jason Pucci of Kislak represented the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, in the transaction. The buyer, an affiliate of The Kamson Corp., plans to expand the property with a 69-unit third phase. Twin Ponds was fully occupied at the time of sale.

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AcquisitionsAssisted LivingNew JerseyNews

Brandywine Buys Two Assisted Living Communities in New Jersey

by Jeff Shaw

PRINCETON and SUMMIT, N.J. — Brandywine Living has completed the acquisition of two assisted living communities in New Jersey. The two communities are Brandywine Living Serenade at Princeton, formerly Acorn Glen Assisted Living in Princeton, and Brandywine Living at Summit, formerly Spring Meadows at Summit in Summit. “This acquisition is consistent with Brandywine’s strategy of operating high-quality, well-located properties,” says Brenda Bacon, Brandywine’s president and CEO. “The company continues to evaluate other attractive growth opportunities in New Jersey, the Northeast and the Mid-Atlantic.” These properties are being acquired in a …

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AcquisitionsAffordable HousingFinanceKeyBankNew JerseyNews

KeyBank Provides $5M in Financing for Rosa Parks Apartments in Paterson, New Jersey

by Jeff Shaw

PATERSON, N.J. — KeyBank Community Development Lending and Investment (CDLI) has provided $5 million of financing for Radiant Property Management LLC, a Newark-based real estate services company. The funds will be used to acquire Rosa Parks Apartments, a Section 8 affordable housing property for seniors in Paterson. The five-story building features 50 units. Radiant Property Management will manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.

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DevelopmentNew JerseyNewsSkilled Nursing

Crest Pointe Breaks Ground on 3,000 SF Therapy Gym Expansion in Point Pleasant, New Jersey

by Jeff Shaw

POINT PLEASANT, N.J. —Crest Pointe  Rehabilitation & Healthcare Center has broken ground on a 3,000-square-foot building expansion. The new therapy gym is part of a multi-million-dollar renovation project at the skilled nursing facility in Point Pleasant, approximately 50 miles south of New York City on the Jersey Shore. Crest Pointe is working with Marquis Health Services, a leading nursing home consulting firm, on the design and implementation of the renovation project. A timeline for completion was not released.

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FinanceNew JerseyNewsSkilled Nursing

Oxford Finance Upsizes Credit Facility by $19.8M for New Jersey-Based Owner-Operator

by Jeff Shaw

ALEXANDRIA, Va. — Oxford Finance LLC has closed a $19.8 million add-on term loan and revolving line of credit to an owner-operator of skilled nursing facilities based in New Jersey. The upsized credit facility now exceeds $75 million. The additional proceeds were used to finance the opportunistic acquisition of a facility located in the eastern U.S. This transaction represents Alexandria-based Oxford’s third deal with the undisclosed borrower.

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