BASKING RIDGE, N.J. — Callahan Construction Managers has broken ground on Residence at Basking Ridge, a 90-unit seniors housing project that will be located about 40 miles west of New York City. Developed by LCB Senior Living and designed by The Architectural Team, the property will offer assisted living, memory care and respite care services. Amenities will include common living rooms, a bistro, salon and a fitness area. The development team expects to begin welcoming residents in early 2023.
ALLENDALE, N.J. — New Jersey-based investment firm Tryko Partners has acquired The Allendale Community for Senior Living, a 299-bed facility located in Northern New Jersey’s Bergen County. The 146,000-square-foot facility was built in the 1960s and offers skilled nursing, assisted living and memory care services. The seller and sales price were not disclosed.
ALLENDALE, N.J. — Tryko Partners has acquired The Allendale Community, a 299-bed seniors housing community in the Northern New Jersey market of Allendale. The seller was a family that has owned the asset for 50 years. The price was not disclosed. “The acquisition of this outstanding asset enables us to add significant scope to our real estate investment presence in the sought-after northern New Jersey market,” says Tryko’s Uri Kahanow, director of acquisitions. “Allendale is a well-respected, legacy-owned property — one poised to remain a regional market leader. The sale …
WASHINGTON TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on The Chelsea at Washington Township, an assisted living and memory care community in Washington Township. The 76,700-square-foot, two-story community will offer 85 units in the suburbs of New York City. The community site is located near Schlegel Lake, Senior Park, a community center and a wide variety of retail shopping and restaurants in the Washington Town Center shopping center. Designed by Meyer Design with KBE Building Corp. serving as general contractor, The Chelsea at Washington Township is scheduled to …
UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.
EAST HANOVER, N.J. — CHA Partners has opened LIVIA East Hanover, a 100,000 square-foot seniors housing community in East Hanover, approximately 30 miles west of Manhattan. The property features 86 beds for long-term care and 37 beds for assisted living and memory care. Construction for LIVIA East Hanover began in late 2020 CHA Partners is currently working on its second LIVIA second facility, located in nearby Totowa. That property is scheduled to open its 310,000-square-foot campus in early 2022.
NEW JERSEY — BHI’s Healthcare Group has provided $31.1 million to Lionstone Care for the acquisition of an assisted living and memory care facility in Southern New Jersey. The facility has 110 units and is licensed for 130 beds. “Almost completely occupied, [the facility] has historically yielded impressive results,” says Tami Antebi, head of BHI’s Healthcare Group.
EAST HANOVER, N.J. — CHA Partners has unveiled plans for LIVIA, the first project of a new upscale senior living brand, with a new facility in East Hanover. An additional facility is under construction in Totowa, N.J. LIVIA communities will offer assisted living, memory care, long-term care and rehabilitation services. Transformed from the original Sycamore Living location in East Hanover, the first installment of the LIVIA brand is scheduled to open this month. The 100,000-square-foot facility houses 86 skilled nursing beds and 37 beds for assisted living residents. LIVIA’s second …
NEW JERSEY — Evans Senior Investments (ESI) has arranged the sale of a 120-bed skilled nursing community in New Jersey for $24 million. Built in the last 20 years with multiple renovations since, the community exhibited a modern physical plant with all of the rooms at the community being private or semi-private. Despite the contemporary design, the community was not profitable at the time of marketing the offering, with census averaging 77 percent, resulting in a net operating loss. Contributing to the below-average profitability was the high expense structure in …
ATLANTIC CITY, N.J. — Standard Communities, through a public-private partnership, has acquired New York Avenue Apartments, a 151-unit affordable seniors housing community in Atlantic City, for $35.9 million. Built in 1980, New York Avenue’s units are supported by a project-based Section 8 Housing Assistance Payment (HAP) contract. Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC …
