JLL Capital Markets has arranged a $35.1 million construction loan for Benchmark at East Brunswick, a planned assisted living and memory care community in East Brunswick, NJ. The financing supports development of a purpose-built senior housing property that will combine assisted living and dedicated memory care within a single campus.
The loan was secured on behalf of a joint venture between National Development and an affiliate of Benchmark Senior Living. National Development is described as a real estate investment, development and management firm, while Benchmark Senior Living is identified as a senior living provider with a footprint across the Northeast. Their partnership is moving forward with a project that is planned to deliver both housing and services for residents who need varying levels of care.
According to JLL, the firm conducted a broad and competitive marketing effort for the construction financing, engaging a wide range of potential capital sources. That process generated numerous quotes from lenders before the joint venture selected a prominent regional bank to provide the construction loan. The lender was not named, but the outcome highlights the availability of bank financing for senior housing projects with established sponsorship and a clearly defined operating concept.
The Benchmark at East Brunswick community is planned as a three-story property totaling 84,276 square feet. The project is designed to include 87 residential units and 100 licensed beds, with the unit mix split between 62 assisted living apartments and 25 memory care apartments. This configuration is intended to accommodate residents requiring traditional assisted living support as well as those needing specialized memory care services.
Project plans call for premium interior finishes in resident units along with a broad slate of shared amenities. The community is expected to feature multiple dining venues, a theater, a fitness center and a salon, along with a variety of outdoor spaces. These program elements are intended to support both daily living and social engagement for future residents.
The community is projected to open in 2028, following completion of construction and the stabilization period typical for new senior housing developments. With capital now in place, the joint venture partners have secured an important milestone for moving the East Brunswick assisted living and memory care project from planning toward execution.
