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.
New Jersey
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 …
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.
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.
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.
Love Funding Provides $55.6M in HUD Financing for Multigenerational Development in New Jersey
by Jeff Shaw
PATERSON, N.J. — Love Funding has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartment, both in Paterson. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. The Housing Authority of the City of Paterson and other third-party providers will offer social services at the property. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing …
Capital Funding, Bank Leumi Fund $27.8M Loan for Acquisition of Skilled Nursing Facility in New Jersey
by Jeff Shaw
WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have closed a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation in Wanaque, approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation and Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding, serving as agent …
MANALAPAN, N.J. — Hackensack Meridian Health has opened the doors on The Villas in Manalapan. The company is marketing the property to Staten Island residents looking to downsize. The property spans 100,000 square feet on seven acres and offers independent living, assisted living, memory care and skilled nursing. The number of units was not disclosed. Independent living residences are available as one- or two-bedroom, and studio apartments, with monthly rates starting at $4,950.
NEW JERSEY — Monticello and its affiliates have provided $38 million in first lien debt financing for the acquisition of one rental-model retirement community in New Jersey. The community features 226 independent living units, 113 assisted living and memory care beds and 60 skilled nursing beds. The transaction also includes a $1 million working capital loan to the operating company of the property provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The borrower is an owner and operator of various models of senior living. The name and location of …