Homestead at Hamilton Secures $57M Refi Deal
Cushman & Wakefield Senior Housing Capital Markets, which acted as exclusive advisor to Homestead Senior Living, LLC, arranged the refinancing transaction with MidCap Financial, of Bethesda, MD, which provided the $57.3-million floating rate first mortgage loan.
HAMILTON, NJ— Homestead Senior Living LLC, a partnership of Pike Senior Living LLC and Solvere Senior Living, has secured a $57.3-million refinancing deal for its Homestead at Hamilton, a 195-unit independent living and assisted living community here.
Cushman & Wakefield Senior Housing Capital Markets, which acted as exclusive advisor to Homestead Senior Living, LLC, arranged the refinancing transaction with MidCap Financial of Bethesda, MD, which provided the $57.3-million floating rate first mortgage loan that refinanced the original construction loan and mezzanine debt with accrued interest.
Homestead at Hamilton is newly built and opened its independent living units in November 2017 and its licensed assisted living and memory care units in April 2018. The community is currently 61% occupied and the ownership expects to stabilize the property in another 12 months.
The four-story class-A community features a complete amenities package and is the newest full-continuum property and the only rental independent living option in Hamilton Township, a city of 88,000 residents located 11 miles from Princeton, NJ.
The Cushman & Wakefield team involved in the transaction included vice chairman Richard Swartz, executive managing director Jay Wagner, and director Jim Dooley. The MidCap team that led the transaction included managing director Lawrence Brin and VP Andrew Lavinder, in conjunction with president Kevin McMeen.
Pike Companies is a Paterson, NJ-based construction and development firm that focuses within New Jersey and the Tri-State Area to build and developed all asset classes. Pike’s diversified experience includes commercial, industrial, hotels, office, multi-family, educational, and more than 35 senior housing and congregate care homes.
Solvere Senior Living provides real estate management services in the senior housing sector utilizing its signature programs to help seniors identify housing options that suit their unique objectives. Solvere, which has offices in St. Petersburg, FL and Richmond, VA, consults for and manages a diverse mix of communities that include IL rental, AL and MC, and CCRC’s across the country. Solvere currently manages 16 communities in eight states.