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 …
CLOSTER, N.J. — Reuten Associates and Metropolis Property Group have unveiled plans for The Residences at Reuten Park, a 195-unit seniors housing development in Closter, approximately 15 miles north of Manhattan. The Residences at Reuten Park will replace five obsolete post-World War II-era manufacturing buildings located within the Reuten Corporate Park. The community will offer independent living, assisted living and memory care units on a six-acre plot. The project will take approximately 15 months to build, and still requires approval of Closter’s Zoning Board of Adjustment. “We believe that transforming …
BASKING RIDGE, N.J. — Braemar Partners has unveiled plans for Arbor Terrace Basking Ridge, an assisted living and memory care community in Basking Ridge, approximately 35 miles west of Manhattan. Groundbreaking is scheduled for later this year for completion in early 2023. When completed, the property will feature 27 assisted living apartments, 24 units for seniors in early stages of dementia and 29 units for full memory care. The Arbor Company, which operates other senior living communities in New Jersey, will operate the community when it opens. This will be …
MARLTON, N.J. — Walters has opened the doors at Cornerstone at Greentree, an income-restricted seniors housing community in Marlton, a suburb of Philadelphia. Situated on 2.3 acres in Burlington County, the four-story building features 68 one-bedroom and two-bedroom apartments, with rents starting at $850 per month. Apartments are leased exclusively to residents whose incomes are at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart. A staff social services coordinator is available upon request …
HUNTINGTON STATION, N.Y., and SUMMIT, N.J. — EW Howell Construction Group has completed two new senior living facilities in Huntington Station and Summit for Sunrise Senior Living. Sunrise of Huntington is a 90-unit luxury senior community in the Long Island hamlet of Huntington Station. The two-story building features studio, one- and two-bedroom apartments offering assisted living and memory care services. The property is Sunrise’s 11th on Long Island. The second project, located in Summit, features 114 beds in a 70,000-square-foot building. Development costs were estimated at $21 million. “There has …
LOPATCONG, N.J. — Larken Associates has completed construction of Autumn Ridge, a 198-unit multigenerational community in Lopatcong, located along the Pennsylvania border from Allentown. The 10-building community features 148 garden- and garage-style multifamily units alongside Horizons at Autumn Ridge, an age-restricted building with 50 units reserved for the active adult community. Construction began in 2019, and the project is Larken Associates’ largest to date. The community was 100 percent occupied upon opening. “Our multifamily development philosophy is based on a recognition that today’s apartment residents increasingly represent a broad cross-generational …
LIVINGSTON, N.J. — Wohlsen Construction and Sunrise Senior Living have broken ground on Sunrise of Livingston, an assisted living and memory care community in Livingston, approximately 20 miles west of downtown Manhattan. The 86,285 square foot community will feature 103 units upon completion. Other project partners include PWC Construction Management and Lantz-Boggio Architects.
