Solvere to Build $59.1M, 195-Unit Community in New Jersey

by Jeff Shaw

HAMILTON, N.J. — Solvere Senior Living, along with co-developer and general contractor Pike Construction Co., have broken ground on Homestead at Hamilton, a 195-unit independent living, assisted living and memory care community in Hamilton, located approximately midway between New York City and Philadelphia.

Development costs are estimated at $59.1 million. The project will be located on a 24-acre site. When complete, Homestead at Hamilton will feature 96 independent living apartments 75 assisted living apartments and 24 apartments for memory care.

A sales center will open on the site in late 2016, with the community slated for completion in late 2017.

Residents will pay a one-time community fee of $3,500 then monthly rentals starting from $3,000 for independent living, $3,750 for assisted living and $5,200 for memory care. Residences range in size from 450 to 1000 square feet.

The architectural firm for Homestead at Hamilton is J. Randolph Parry Architects PC, headquartered in Riverton. Project financing was arranged through multiple sources and includes $14.4 million dollars of mezzanine financing from Fundamental Advisors, a $36.4 million construction loan from Red Capital Partners and equity provided by the owner. The project also seeks to raise $18 million dollars utilizing the EB-5 program to take out the short-term mezzanine debt. 

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