JLL Capital Markets announced Monday that it has successfully arranged $48 million in refinancing for a high-end seniors housing portfolio in the Tri-State area. The transaction covers The Chelsea at Washington Township in Bergen County, as well as The Chelsea at New City in Rockland County, New York.
JLL’s Seniors Housing Debt Advisory team represented the borrowers—a joint venture between Bain Capital Real Estate and Capitol Seniors Housing—to secure a three-year, floating-rate loan through a large regional bank.
A focal point of the deal is The Chelsea at Washington Township, a luxury 85-unit community that opened its doors in late 2023. Located on a 5.0-acre site in one of New Jersey’s most affluent submarkets, the facility provides assisted living and specialized memory care.
The property is situated just 11 miles northwest of Manhattan, positioning it as a premier choice for Bergen County families seeking a continuum of care. On-site features include:
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Restaurant-inspired dining with a full-time Registered Nurse (RN) overseeing clinical wellness.
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Specialized Therapy: On-site physical, occupational, and speech therapy provided by FOX Rehab.
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Upscale Amenities: A bistro, sports bar, movie theater, and professionally landscaped courtyards.
The second property in the portfolio, The Chelsea at New City, mirrors the luxury standards of its New Jersey counterpart. Built in 2021, the 80-unit Rockland County community offers assisted living, memory care, and respite care. Its location at 269 North Main St. provides residents with quick access to local amenities while remaining less than 20 miles from New York City.
The refinancing allows the ownership group to transition from construction-related financing into a stabilized bridge loan, providing flexibility as the communities continue to reach full occupancy.
“This successful refinancing demonstrates the strength of well-positioned Class A seniors housing in high-barrier-to-entry markets,” a JLL representative noted. Despite a complex financial landscape in early 2026, the demand for “Class A-plus” new builds remains high due to aging demographics in the Northeast.
