PEAPACK-GLADSTONE, N.J. — Peapack Partners LLC — a joint venture between Distinctive Living Development, Melillo Equities and Pointsfive — has received $84.7 million in bond financing for the development of a seniors housing community in the New Jersey borough of Peapack-Gladstone, approximately 50 miles west of New York City.
Ziegler arranged the financing on behalf of the joint venture.
The project is an adaptive reuse of the former Pfizer Pharmaceuticals corporate headquarters. The financing will support the development of 66 assisted living units and 30 memory care units.
Dubbed CopperWood Senior Living, the 40-acre campus will also feature an $86 million independent living community with 118 units, as well as an 11-unit extended stay residence.
Distinctive Living will manage the community.