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CCRCDevelopmentNew JerseyNews

LCS Completes $8M Renovation at Laurel Circle in Bridgewater, New Jersey

by Jeff Shaw

BRIDGEWATER, N.J. — Life Care Services has completed an $8 million renovation project at Laurel Circle, a life plan community in Bridgewater, located between New York City and Philadelphia. The 28,317-square-foot renovation added a new bistro-style, grab-and-go dining venue; enhanced the wellness and fitness center, salon, main lobby and common areas in independent living; and redesigned spaces in The Arbor health center. Laurel Circle features 202 units on 28 wooded acres. Hord Coplan Macht (HCM) served as the architect and interior designer for the renovation.

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AcquisitionsFinanceNew JerseyNewsSkilled Nursing

Harborview Capital Partners Arranges $24.1M Acquisition Loan for Skilled Nursing Facility in New Jersey

by Jeff Shaw

MONMOUTH COUNTY, N.J. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $24.1 million bridge-to-HUD loan for the acquisition of a 202-bed skilled nursing facility in Monmouth County. The borrower and property were not disclosed. The loan, provided by local lender features nine months of interest-only payments and a 25-year amortization. Rafael Urbach of Harborview originated the loan.

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DevelopmentNew JerseyNews

LCS Breaks Ground on The Delaney at The Green in Florham Park, New Jersey

by Jeff Shaw

FLORHAM PARK, N.J. — The LCS Family of Companies has broken ground on The Delaney at The Green, a seniors housing community in Florham Park, approximately 25 miles east of Manhattan. The community will feature 128 independent living units, 58 assisted living units and 34 memory care units. Construction is scheduled for completion by March 2023. LCS Real Estate structured the financing in collaboration with an institutional equity partner. LCS Development designed the community. When complete, Life Care Services, An LCS Company, will provide operational management of the community. The …

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Assisted LivingDevelopmentNew JerseyNews

Capitol Seniors Housing Breaks Ground on 87-Unit Project in Evesham Township, New Jersey

by Jeff Shaw

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on Arbor Terrace Marlton, a project in Evesham Township near Philadelphia that will consist of 60 assisted living apartments and 27 memory care units. The 76,500-square-foot community will be located near several major medical facilities and will offer amenities such as a private dining area, theater, bistro, hair salon, lounges and outdoor amenity spaces with artwork and a pond. Meyer Senior Living Studio is designing the project, and IMC Construction is the general contractor. The opening is scheduled for early …

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AcquisitionsAffordable HousingNew JerseyNews

Standard Communities Acquires 169-unit Affordable Community in Atlantic City

by Jeff Shaw

ATLANTIC CITY, N.J. — Standard Communities, the affordable housing division of Standard Cos., has acquired Baltic Plaza Apartments, a 169-unit affordable seniors housing community in Atlantic City. The total capitalization of the transaction, including the sales price, a $10 million renovation plan and other costs, is approximately $38 million. Built in 1982, Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. The property is Standard Communities’ first acquisition in New Jersey. Standard Communities completed this transaction in partnership with the U.S. Department of Housing …

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CCRCDevelopmentNew JerseyNews

Acts Starts $10M Expansion Project at The Evergreens in Moorestown, New Jersey

by Jeff Shaw

MOORESTOWN, N.J. — Acts Retirement-Life Communities has started a $10 million renovation and expansion project at The Evergreens, a senior living community in Moorestown, a suburb of Philadelphia. The renovations feature new construction and upgrades to existing common areas throughout the senior living community, which is home to approximately 216 residents. The project is scheduled to take approximately two years to complete, finishing sometime in 2022. The Evergreens’ 32-acre campus includes 200 independent living apartment homes, an on-site health care center with 66 assisted living suites and a 34-bed skilled …

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AcquisitionsNew JerseyNews

AMS Acquisitions Sells Seniors Housing Property in Sayreville, New Jersey for $28M

by Jeff Shaw

SAYREVILLE, N.J. — New York City-based investment firm AMS Acquisitions has sold Gillette Towers, a two-building, 136-unit seniors housing facility in the Northern New Jersey community of Sayreville. In 2019, AMS purchased the property, which then consisted of a single 80-unit building, for $13 million. The company then developed a 56-unit building that is nearing completion, while the original building is now fully leased. The buyer was a partnership between A&RW Properties LLC and its affiliates JYW Holdings LLC and Nadlan Capital Inc.

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DevelopmentNew JerseyNews

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

by Jeff Shaw

MONTVALE, N.J. — Thrive Senior Living will open the welcome center on March 27 for Thrive at Montvale, a seniors housing community in Montvale. The community will feature 203 units of independent living, assisted living and memory care. The three-story building is located near Lake Tappan along the New York State border just north of Manhattan.

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CCRCFinanceNew JerseyNews

Ziegler Arranges $114.8M Bond Refinancing for Springpoint Senior Living

by Jeff Shaw

WALL TOWNSHIP, N.J. — Ziegler has underwritten $114.8 million in bond financing for Springpoint Senior Living. The borrower is a regional senior living system based in Wall Township. Originally founded in 1916 as the Presbyterian Home of the Synod of New Jersey, the company changed its name to Springpoint Senior Living in 2010. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. Springpoint formed a new obligated group for the refinancing, …

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Affordable HousingDevelopmentNew JerseyNews

Walters Starts Construction of Cornerstone at Greentree Affordable Community in Marlton, New Jersey

by Jeff Shaw

MARLTON, N.J. — Walters has started construction of Cornerstone at Greentree, an affordable seniors housing community in Marlton, approximately 15 miles east of Philadelphia. The 68-unit project, which is being built on 2.3 acres, is slated for completion in the first quarter of 2021. The four-story building consists of one- and two-bedroom residences leased exclusively to residents over age 55 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. Designed …

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