SunTrust Provides $56M Financing for Expansion, Renovation of CCRC in New Jersey

by Jeff Shaw

SKILLMAN, N.J. — SunTrust Bank has provided a $56 million refinancing and new term loan for the expansion and renovation of Stonebridge at Montgomery, a continuing care retirement community in Skillman, located midway between New York City and Philadelphia.

Springpoint Senior Living, the owner and operator, opened a new clubhouse in March, and also increased the size of the library, art studio and fitness areas. The second phase of the expansion and renovation will include new memory care and skilled nursing units totaling 50 beds.

DIGroup Architecture of New Brunswick is the design firm. Langan Engineering of Lawrenceville is the civil engineer, and the general contractor is E. Allen Reeves of Abington, Pa.

Springpoint expects to complete the second-phase expansion in early 2017.

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