To help meet growing demand, Princeton-based Solvere Senior Living is developing its first community, the Homestead at Hamilton in Mercer County. A study by the company shows the area is home to an expanding number of seniors, with about two-thirds of the population estimated to be above age 60 by 2020. The new community will provide 195 apartments for independent living, assisted living and memory care, located on a 24-acre site at the corner of Kuser and Klockner Roads in Hamilton, about an hour’s drive from New York City, Philadelphia and the Jersey Shore.
Solvere and Pike Construction Co. LLC, co-developer and general contractor, are investing $59.1 million in the project. The Homestead at Hamilton is expected to create more than 430 direct and indirect jobs for the area, with an annual payroll in excess of $1 million.
“We looked for the best and most convenient location to serve the retirement, assisted living and memory care needs of the growing number of older citizens in the region,” said Kristin Kutac Ward, president and CEO of Princeton, NJ-based Solvere Senior Living. “Homestead will provide the newest amenities, services and care, all designed for individual lifestyle flexibility.”
Homestead will provide an emphasis on a healthy living environment and concierge-type services for seniors able to live independently, as well as those needing assisted living or memory care. A whole-person wellness program and a range of social activities are designed to support resident independence. There will be 96 independent living apartments; 75 assisted living apartments and 24 apartments for memory-care. The amenities and services-rich community will include: casual and formal dining, bar and lounge; state-of-the-art fitness center and exercise studio; hair salon, spa, theatre, convenience store; transportation, maintenance and repair, along with other features.
Fully-refundable, non-interest bearing deposits of $1,000 for Homestead are being accepted now. A sales center will open in late 2016, with the community slated to be completed in late 2017, said Ward. Solvere’s portfolio of managed assets includes owner-investor properties throughout the East Coast and Midwest as well as its own communities. Priced to appeal to a market that appreciates value, Homestead will have a one-time community fee of $3,500 and monthly rentals starting from $3,000 for independent living, $3,750 for assisted living and $5,200 for memory care. Residences range in size from 450 to 1000 square feet and are designed for maximum living space and natural light.
In developing its first senior living community, Solvere has partnered with longtime senior housing contractor Pike Construction. Based in Paterson, New Jersey, Pike is a general contracting and real estate development firm established in 1958. Since inception, the company has built more than 15,000 units of senior housing ranging in project size from $10 million to over $150 million in total construction costs. The architectural firm for Homestead at Hamilton is J. Randolph Parry Architects PC, headquartered in Riverton, New Jersey. Founded in 1996, J. Randolph Parry Architects, PC is an award winning architectural design firm with a specialty in residential and senior housing design. Project financing has been arranged through multiple sources which includes $14.4 million dollars of mezzanine financing from Fundamental Advisors, a $36.4 million construction loan from Red Capital Partners and equity provided by the owner. The project also seeks to raise $18 million dollars utilizing the EB-5 program to take out the short term mezzanine debt.
“We are very excited about Homestead at Hamilton and the services and support it will provide to area citizens and the community as a whole,” Ward said.