Homestead at Hamilton at 2560 Kuser Road in Hamilton — Courtesy: Cushman & Wakefield
By Joshua Burd
The owners of a 195-unit senior living facility in Hamilton have refinanced the property for more than $57 million, under a newly announced transaction by Cushman & Wakefield.
Brokers with the firm advised Homestead Senior Living LLC in sourcing the loan for Homestead at Hamilton, an independent living, assisted living and memory care community at 2560 Kuser Road. MidCap Financial provided the $57.3 million floating rate first mortgage loan, which refinanced the original construction loan and mezzanine debt with accrued interest.
The Boston-based C&W team included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner and Director Jim Dooley. The ownership group is a partnership of Pike Senior Living LLC and Solvere Senior Living.
“We are pleased to have been a part of this transaction with Pike and their partners, which has created a new lending relationship for them with MidCap Financial,” Swartz said.
Located just north of Interstate 195, Homestead at Hamilton opened its independent living units in November 2017 and its licensed assisted living and memory care units in April 2018, according to a news release. The four-story community is 61 percent occupied and expects to stabilize in another 12 months.
In announcing the new financing, C&W noted that the property has a host of amenities and is the area’s newest full-continuum property. The community is also the only rental independent living option in Hamilton, the firm said, touting its proximity to Princeton.
The MidCap team that led the transaction included Managing Director Lawrence Brin and Vice President Andrew Lavinder, in connection with President Kevin McMeen.