Updated Feb 27, 2025
Ross Walker Of Hawkins Way Capital Acquires 521-Bed Senior Housing In Newark For University Centre
250 Central Avenue
Building Size
—
Asset Type
Senior Housing
Closing
Feb 26, 2025
About this deal
AI
The property is a senior housing asset located at 250 Central Avenue in Newark, featuring 521 bedrooms. It is managed by FCL Management, and the property consists of 235 apartments with extensive amenities. There are ongoing plans to expand the housing capacity from 690 to 800 beds.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: Not disclosed
- Address: 250 Central Avenue
- Market: Newark
- Beds: 521
- Buyer: Ross Walker - Hawkins Way Capital
- Management: FCL Management
- Expansion Plans: Increase capacity from 690 to 800 beds
Ross Walker represents Hawkins Way Capital in this transaction, signifying the company's entry into the student housing sector. The property will operate as FOUND Study Newark, catering to students from Rutgers-Newark, NJIT, and Seton Hall.
On the Map
Senior Housing
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93