Benchmark at East Brunswick, a planned 100-bed assisted living and memory care community at 566 Ryders Lane in East Brunswick, is slated to open in 2028. — Rendering courtesy: JLL
By Joshua Burd
The developers of a new 100-bed assisted living and memory care facility in East Brunswick have closed on more than $35 million in construction financing, in a deal arranged by JLL.
According to a news release, a prominent regional bank provided the debt in connection with the planned three-story, 84,276-square-foot community at 566 Ryders Lane. Construction is now underway at the site after the borrowers, National Development and an affiliate of Benchmark Senior Living, broke ground earlier this month, putting the project on track to open in 2028.
JLL sourced the $35.1 million loan on the joint venture’s behalf, noting that the offering attracted multiple quotes from a broad array of lending sources. The developers selected the regional bank due to its highly attractive terms across proceeds, pricing and structure, the debt placement team said, demonstrating the return of aggressive capital to seniors housing projects.
“East Brunswick is an exceptional location for our continued growth in New Jersey, where we see strong demand for high-quality assisted living and memory care options,” said Tom Grape, founder, chairman and CEO of Benchmark Senior Living. “We are proud to continue our partnership with National Development through Benchmark at East Brunswick. Guided by our purpose of transforming lives through human connection, we look forward to bringing compassionate care, meaningful relationships and enriching experiences to local seniors and families in a community where residents can truly thrive.”
Located at the Guernsey Lane intersection, the facility will have 62 assisted living and 25 memory care apartments with 100 licensed beds, the news release said. Plans call for premium unit finishes and an extensive list of amenities, including multiple dining venues, a theater, a fitness center, a salon and a variety of outdoor spaces.
Residents and visitors, meantime, will be minutes from the New Jersey Turnpike, Route 18, a variety of retail and dining options and leading regional health care institutions, JLL said. The firm added that the community is positioned to capitalize on the significant demographic tailwinds supporting increased demand for senior living, with the local senior population projected to see strong growth over the next decade.
“New Jersey represents a compelling and growing market for high-quality senior housing, and East Brunswick will be an outstanding addition to our portfolio in the region,” said Andrew Gallinaro, chief investment officer of National Development. “We are delighted to continue our successful partnership with the industry leading team at Benchmark and are confident this community will make a meaningful impact on the lives of residents and their families.”
