Inspired Healthcare Capital (IHC) recently acquired Homestead at Hamilton, a 195-unit independent living, assisted living & memory care community located in Hamilton, New Jersey. The purchase price of the community was $97,500,000. IHC is a Scottsdale, Arizona-based private real estate investment firm that focuses on the seniors housing sector. This was IHC’s 4th acquisition in 2022, after closing on nine senior housing transactions in 2021.
Homestead at Hamilton was built in 2017 for a cost of approximately $60 million, or $308,000 per unit. The Class-A building has 96 independent living (opened in November 2017), 75 assisted living and 24 memory care units (licensed in April 2018). A joint venture between Pike Construction Co. and Solvere Senior Living developed the community.
To take out the original construction loan and mezzanine debt with accrued interest, Cushman & Wakefield refinanced the property in July 2019 with a $57.3 million floating-rate loan provided by MidCap Financial. At the time, occupancy was 61%, and ownership expected it to fill up within the next 12 months. Given the pandemic, we’re not sure the property reached stabilization before then, and the current census was not disclosed.
