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Discovery Senior Living, NHI Acquire Nine-Community Independent Living Portfolio

by Jeff Shaw

BONITA SPRINGS, Fla. — Discovery Senior Living and National Health Investors (NYSE: NHI) have formed a joint venture to acquire and rebrand nine former Holiday Retirement communities. The properties are located in Arkansas, Georgia, Ohio, Oklahoma, New Jersey and South Carolina and total 1,094 units. Discovery Senior Living and its subsidiary management companies have taken over operations. Additionally, Discovery will assume operations of Isles of Vero Beach, a 230-unit assisted living community in Vero Beach, Florida, through Discovery and NHI’s existing joint venture. That property will be renamed Discovery Village …

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Affordable HousingDevelopmentNew JerseyNews

Walters Starts Construction of Expansion at Cornerstone at Branchburg Affordable Community in New Jersey

by Jeff Shaw

BRANCHBURG, N.J. — Walters has started construction of the second phase of Cornerstone at Branchburg, an age- and income-restricted apartment community in Branchburg. Situated on 11.7 acres, the property will feature 150 units when both phases are completed. Each phase represents a three-story building, with the first scheduled for completion in December 2022 and the second in spring 2023. Apartment floor plans include one- and two-bedroom residences, ranging from approximately 700 to 900 square feet. The development team is seeking LEED and Energy Star certifications. Priority is given to residents …

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DevelopmentNew JerseyNewsSkilled Nursing

Marquis Completes $4M Renovation Project at Spring Grove Skilled Nursing Facility in New Providence, New Jersey

by Jeff Shaw

NEW PROVIDENCE, N.J. — Marquis Health Consulting Services has completed a $4 million renovation and modernization project at Spring Grove Rehabilitation & Healthcare Center. “Spring Grove’s reintroduction is the culmination of a vision four years in the works,” says Ugochi Opara, regional director of market development for Marquis Health Consulting Services, which supports the facility and spearheaded the renovation. “Spring Grove has been completely transformed into a modern, home-like environment for residents.” The Spring Grove renovation included a full-scale retrofit of the facility’s dedicated subacute unit and enhancements throughout its …

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DevelopmentNew JerseyNews

Thrive Prepares to Open 203-Unit Community in Montvale, New Jersey

by Jeff Shaw

MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood of Montvale, located along the New York state border. The welcome center is currently open, and the community is scheduled to open for residents this spring. Located just off the Garden State Parkway and near the serene Lake Tappan, the three-story community will feature independent living and assisted living, plus a small-house model senior living environment focused on memory care.

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FinanceNew JerseyNewsSkilled Nursing

Cambridge Provides $10.7M HUD Refinancing for Pine Acres in Madison, New Jersey

by Jeff Shaw

MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The loan refinances existing debt.

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Assisted LivingDevelopmentNew JerseyNews

Sunrise Opens 99-Unit Community in Mountain Lakes, New Jersey

by Jeff Shaw

MOUNTAIN LAKES, N.J. — Sunrise Senior Living has opened the doors on Sunrise of Mountain Lakes in the North Jersey borough of Mountain Lakes. The community features 99 units of assisted living and memory care. Nearby medical support is available to support care coordination and wellness though Saint Clare’s Denville Hospital and Morristown Medical Center. Lakeland Hills Family YMCA offers transportation and intergenerational activity programming options. Germaine Dignan is the property’s executive director.

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DevelopmentNew JerseyNews

Trammell Crow Plans 93-Unit Chelsea at Fair Lawn in Northern New Jersey

by Jeff Shaw

FAIR LAWN, N.J. — Trammell Crow Co. (TCC) and its joint venture partner Chelsea Senior Living have announced plans for a three-story, 93-unit senior living facility in Northern New Jersey known as The Chelsea at Fair Lawn. Construction began in November and is scheduled for completion by December 2022. Located in Fair Lawn, the community will be the town’s first independent living, assisted living and memory care community, according to TCC. The property will feature 26 independent living units and 67 assisted living/memory care units. Douglas Coleman & Associates is …

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AcquisitionsNew JerseyNews

Tryko Partners Acquires Two Communities in Little Egg Harbor, New Jersey

by Jeff Shaw

LITTLE EGG HARBOR, N.J. — Tryko Partners has acquired Seacrest Village and The Terraces at Seacrest Village in Little Egg Harbor, expanding its Jersey Shore regional skilled nursing/assisted living real estate portfolio. The assets were family owned and operated for more than three decades. Seacrest Village, a 171-bed, three-story skilled nursing facility, was developed in 1985. It carries a five-star designation from the Centers for Medicare & Medicaid Services (CMS) for both overall quality and quality of resident care. The Terraces, built in 2013, is a two-story, Class A assisted …

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DevelopmentNew JerseyNews

Reuten Associates Plans 195-Unit Residences at Reuten Park in Closter, New Jersey

by Jeff Shaw

CLOSTER, N.J. — Reuten Associates has released site plans for the Residences at Reuten Park, a 195-unit luxury senior living development in Closter, approximately 15 miles north of Manhattan. Property owner Reuten Associates and developer Metropolis Property Group are seeking a variance to transform outdated industrial buildings at Reuten Corporate Park into a mix of independent living, assisted living and memory care. “The Residences at Reuten Park is a wonderful project that will convert an underutilized piece of industrial property into an upscale residential development that represents a new era …

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AcquisitionsAffordable HousingNew JerseyNews

Fairstead, LIHC Investment Group Buy 691-Unit Affordable Seniors Housing Portfolio in Newark

by Jeff Shaw

NEWARK, N.J. — Fairstead, an investment firm with three offices along the East Coast, and Maine-based LIHC Investment Group have purchased the 691-unit Essex Plaza seniors affordable housing portfolio in Newark. The portfolio consists of 13 buildings. The partnership plans to invest in capital improvements, including the enhancement of the portfolio’s proptech features, sustainability and community programming. Information about income restrictions for the portfolio was not released. Dane Global represented the buyer and seller in the transaction.

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