JLL Capital Markets on Tuesday announced it successfully arranged $35.1 million in construction financing for Benchmark at East Brunswick, a new 87-unit senior living community currently under development in Middlesex County.
The financing was secured on behalf of a joint venture between National Development, a leading real estate investment and development firm, and an affiliate of Benchmark Senior Living, the Northeast’s largest provider of senior living services.
The project, which broke ground earlier this month, is designed to meet the rising demand for high-quality senior housing in one of New Jersey’s most affluent and densely populated regions. The three-story, 84,276-square-foot facility will feature 100 licensed beds, including 62 assisted living units and 25 memory care apartments.
Planned amenities aim to establish the property as a “best-in-class” option for local seniors, featuring:
- Multiple upscale dining venues.
- An on-site theater, fitness center, and salon.
- Extensive, manicured outdoor spaces.
“East Brunswick is an exceptional location for our continued growth in New Jersey, where we see strong demand for high-quality assisted living and memory care options,” Tom Grape, founder, chairman, and CEO of Benchmark Senior Living, said in a previous statement regarding the project.
Strategically situated near the New Jersey Turnpike and Route 18, the community offers residents convenient access to top-tier regional healthcare institutions, retail centers, and dining. The location was selected specifically to support the growing senior demographic in the area, with projections indicating significant population growth over the next decade.
JLL noted that the financing process was highly competitive, ultimately resulting in a loan from a prominent regional bank. The success of the deal signals a robust appetite for senior housing construction projects among lenders.
“We’re delighted to continue our successful partnership with the industry-leading team at Benchmark and are confident this community will make a meaningful impact on the lives of residents and their families,” Andrew Gallinaro, chief investment officer of National Development said.
Benchmark at East Brunswick is expected to open in 2028 and marks the third New Jersey collaboration between National Development and Benchmark Senior Living, following the acquisition of Benchmark at Roseland and the development of Benchmark at Scotch Plains.
