HAMILTON, N.J. — Cushman & Wakefield Senior Housing Capital Markets has arranged a refinancing for Homestead at Hamilton, a 195-unit independent living, assisted living and memory care community in Hamilton.
The borrower is Homestead Senior Living. The four-story, Class A community sits 11 miles from Princeton.
Homestead at Hamilton is newly built and opened its independent living units in November 2017, followed by its licensed assisted living and memory care units in April 2018. The community is currently 61 percent occupied and expects to achieve stabilization in another 12 months.
The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Jim Dooley.
MidCap Financial, a leading commercial finance company focused on middle market transactions, provided the $57.3 million, floating-rate, first-mortgage loan that refinanced the original construction loan and mezzanine debt with accrued interest. The MidCap team that led the transaction included Lawrence Brin, Andrew Lavinder and Kevin McMeen.