JLL Capital Markets announced that it has successfully arranged construction financing and joint venture LP equity for the development of Thrive at Roxbury, 175-unit luxury seniors housing community in Roxbury Township, Morris County.
JLL’s National Seniors Housing Capital Markets team represented the sponsoring joint venture—comprising regional developers Pike Construction, Gallium Real Estate, and operational partner Thrive Senior Living.
Through sequential competitive procurement processes, JLL secured a construction loan from Liberty Bank and majority LP equity financing from AEW Capital Management. The development marks the second Joint Venture seniors housing project in New Jersey for the sponsorship team, which maintains additional regional sites in active development pipelines.
Scheduled for completion in December 2028, Thrive at Roxbury will feature a single three-story building offering a complete continuum-of-care model:
- Independent Living: 100 spacious units.
- Assisted Living: 43 units.
- Memory Care: 32 private memory care suites.
The project is designed to deliver upscale residential living paired with comprehensive wellness services. On-site lifestyle amenities will include multiple all-day dining venues, a café and coffee shop, a fitness and wellness center, a media room, a theater, social and educational programming, and structured daily recreational activities.
Located at 201 NJ-10, the development sits along a primary commercial corridor with direct regional access to Interstate 80, Route 206, and the broader Tri-State area. The site is surrounded by some of Morris County’s most affluent residential enclaves, including Chester, Mendham, Denville, and Morris Township.
The development addresses a critical shortage of modern seniors housing across Northern New Jersey. Demographics within the immediate three-mile trade area include over 32,000 senior residents, with the population of qualified seniors aged 75 and older projected to grow by 33.4% over the next five years.
“Thrive at Roxbury will serve unmet demand in Morris County with a luxury full continuum of care,” noted JLL in a statement detailing the transaction.
The JLL Capital Markets team representing the borrower was led by Senior Director Jim Dooley.
