Solvere to Develop, Operate $59.1M Community in New Jersey

by Jeff Shaw

HAMILTON, N.J. — Princeton-based seniors housing operator Solvere Senior Living has announced plans to co-develop and operate Homestead at Hamilton, a 195-unit independent living, assisted living and memory care community in Hamilton, located between New York City and Philadelphia.

The community will cost $59.1 million to complete and will be built on a 21-acre site. Solvere has partnered with Pike Construction LLC, which will co-develop the community and serve as general contractor.

Solvere Senior Living is an offshoot of Solutions Advisors, a sales and marketing consulting firm focused on senior living. Pike Construction, based in Paterson, N.J., is a general contracting and real estate development business. 

The project’s architect is J. Randolph Parry Architects PC, headquartered in Riverton, N.J.

Project financing includes $18 million of EB-5 capital, a $36.4 million construction loan and equity provided by the owner. A sales center is expected to open in fall of 2016 with the community scheduled to open in 2017.

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