JLL Capital Markets successfully orchestrated both the property sale and acquisition financing for Allegro Harrington Park, a flagship 173-unit Class A seniors housing community located in Bergen County.
JLL represented the seller—a joint venture between PGIM and Allegro Senior Living—in passing ownership to a new joint venture formed by AEW Capital Management and Foundry Commercial. Concurrently, JLL’s debt advisory team secured a five-year acquisition loan through a life insurance company on behalf of AEW. Allegro will stay on as the property operator and retain a joint venture interest.
“Allegro Harrington Park is a premier seniors housing community in a highly desirable market, and we are pleased to add this asset to our portfolio,” Sara Cassidy, head of portfolio management and senior portfolio manager at AEW, said. “Its quality, location and strong operating partnership make it a compelling long-term investment.”
Developed originally by Allegro and PGIM, the four-story luxury community sits on a 9.2-acre lakefront peninsula at 200 Old Hook Road, offering scenic waterfront views on three sides just 40 minutes from Manhattan. The property provides a full continuum of care across independent living, assisted living, and memory care layouts.
Residents have access to high-end amenities, including five separate dining venues, a movie theater, wellness areas, an art studio, a salon and spa, an indoor/outdoor pool, and extensive outdoor courtyards and walking paths.
The transaction was managed by JLL’s Senior Housing Capital Markets team, led by Senior Director Jim Dooley.
“Allegro Harrington Park is an elite and rare community in one of the most affluent areas of the country and buyers were extremely interested in the opportunity to partner with Allegro,” Dooley said.
