Last week, Inspired Healthcare Capital announced its acquisition of Homestead at Hamilton, a 195-unit seniors housing community in Hamilton, New Jersey, and we have learned that Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin arranged the sale.
Built in 2017 at 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. Amenities include a restaurant-style dining room, a pub, a card and game room, an exercise studio and fitness center, a rehab gym partnered with Robert Wood Johnson Hospital, art studios, multiple salons, two theaters and a performing arts studio. Also, the independent living apartments are the largest in the market and offer full kitchens and washer/dryer units, while assisted living units have kitchenettes and ample storage space. The memory care units are located on two levels and include kitchenettes and a full set of dedicated amenities on each level.
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. In fact, it did, and occupancy was near 100% in 2021.
Inspired Healthcare Capital (IHC) acquired the property for $97.5 million, or $500,000 per unit. IHC is a Scottsdale, Arizona-based private real estate investment firm that focuses on the seniors
