A new independent living community is going up on the Princeton University Healthcare campus, with the help of construction financing arranged by Grant Saunders, Peter Trazzera and Jake Hollinger of KeyBank Real Estate Capital’s Healthcare Group. Featuring 260 total units, including 15 studios, 145 one-bedrooms and 100 two-bedrooms, the project is being developed by SBLP Senior Living Fund I, a fund that invests in the development of seniors housing projects.
A joint venture between South Bay Partners, a Dallas-based seniors housing developer, and LAMB Properties, a real estate investment vehicle owned by the Bluhm family, sponsors the fund. Upon completion, Sage Senior Living will take over management of the community, which will complement its existing properties in the Mid-Atlantic.
The project will be on the higher end, with KeyBank arranging a $67.3 million, or nearly $260,000 per unit, loan to fund it. Using a conservative 70% loan-to-value, that would result in a close-to $370,000 per unit cost to build, although its prime location is certainly a main driver in cost.
