Cushman & Wakefield Arranges $57.3M Refinance For Homestead At Hamilton

The property involved in the transaction is Homestead at Hamilton, a 195-unit independent living, assisted living, and memory care community located at 2560 Kuser Rd, Hamilton Township, NJ. The asset is a four-story Class-A community that features a complete amenities package. Homestead at Hamilton opened its independent living units in November 2017 and its licensed assisted living and memory care units in April 2018. Currently, the community is 61% occupied and is expected to stabilize in the next 12 months. It is the newest full-continuum property and the only rental independent living option in Hamilton Township.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $57,300,000.00
• Market: Robbinsville
• Borrower's Rep: Richard (Rick) Swartz (Cushman & Wakefield)
• Lender: MidCap Financial

The transaction was arranged by Cushman & Wakefield Senior Housing Capital Markets, with Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, and Director Jim Dooley involved in the deal. MidCap Financial provided a $57.3 million floating rate first mortgage loan that refinanced the original construction loan and mezzanine debt. The MidCap team engaged in the transaction comprised Managing Director Lawrence Brin, Vice President Andrew Lavinder, and President Kevin McMeen.