The Chelsea at Washington Township at 620 Pascack Road in Washington Township — Courtesy: JLL
By Joshua Burd
The owners of senior housing communities in northern New Jersey and the Lower Hudson Valley have refinanced the portfolio for $48 million, brokers with JLL said Monday.
According to a news release, a large regional bank provided the three-year, floating-rate loan to Bain Capital Real Estate and Capitol Seniors Housing. Proceeds will support two properties with a combined 165 units — in Bergen County’s Washington Township and in New City, New York — both providing key services less than 20 miles from Manhattan.
JLL, which sourced the loan through its seniors housing debt advisory team, said The Chelsea at Washington Township opened in 2023 on a five-acre site at 620 Pascack Road. The property has 85 units offering assisted living and memory care, with amenities such as restaurant-inspired meals, a beauty and barber salon, a sports lounge, health and wellness programs and a daily activities calendar, among others.
The Chelsea at New City, meantime, opened in 2021 and consists of 80 units of assisted living, memory care and respite care, the news release said. The property at 269 North Main St. has similar on-site amenities.
