National Development And Benchmark Senior Living Secures $35.1 Million Loan For Development Site In East Brunswick

The project located at 566 Ryders Lane in East Brunswick, NJ, is a development site earmarked for a 100-bed assisted living and memory care facility. The asset spans 84,276 square feet and is currently under construction, with an expected completion date in 2028. This construction initiative is backed by a loan amount of $35,100,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $35,100,000
• Address: 566 Ryders Lane
• Market: East Brunswick, NJ
• Asset Size: 84,276 square feet
• Loan Type: Construction
• Landlord: Tom Grape - Benchmark Senior Living
• Landlord: Brian Kavoogian - National Development
• Broker: JLL

National Development and Benchmark Senior Living are the key players in this transaction, having successfully secured construction financing arranged by JLL. The financing was provided by a regional bank lender, reflecting the strong investor demand for senior housing facilitated by favorable demographic trends.