JV Obtains Construction Loan for East Brunswick Assisted Living Project
JLL Capital Markets arranged $35.1 million in construction financing for Benchmark at East Brunswick, an 87-unit / 100-bed assisted living and memory care community planned for East Brunswick, NJ. The financing was arranged on behalf of a joint venture between National Development, a prominent real estate investment development and management firm, and an affiliate of Benchmark Senior Living, a leading senior living provider in the Northeast.
JLL conducted a highly competitive marketing process, attracting numerous quotes from a broad array of lending sources. Ultimately, a prominent regional bank was selected.
The three-story, 84,276-square-foot community will feature 62 assisted living and 25 memory care apartments with 100 licensed beds. The property will be thoughtfully designed to the highest standards, incorporating premium unit finishes and an extensive array of amenities, including multiple dining venues, a theater, fitness center, salon and a variety of outdoor spaces. The community is expected to open in 2028.
Other News
JLL Arranges JV Equity, Acquisition Debt on Jersey City Multifamily
JLL Capital Markets arranged joint venture equity and acquisition financing for Jasmin Terrace II, a 56-unit, newly built, luxury apartment building in Jersey City. Senior managing directors Thomas R. Didio and Thomas E. Didio Jr., senior director Gerard Quinn, associate Michael Mataras and senior analyst Joseph Gruber worked on behalf of the borrower, Tower Management Service...
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Devens Site Will Yield 65 Affordable Apartments
MassDevelopment has signed a letter of intent with Metro West Collaborative Development, a nonprofit affordable housing developer, for the sale of a 6.6-acre site at Adams Cir. in Devens. Metro West Collaborative Development intends to build 65 new apartments on the site. The proposal is among the first housing developments made possible by the Mass...
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High Art Pays $22.3M For 43 Unsold Condos At Toronto’s Line 5
A provincially backed investment fund has made its first move into Toronto’s battered condo market, paying $22.3M for 43 unsold units and shifting them into long-term rentals. High Art Capital acquired the condos at Line 5, the 1,005-unit, two-tower development at 117-127 Broadway Ave. near Yonge and Eglinton, The Globe and Mail reported, citing CoStar’s...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout