Jones Lang LaSalle
CCRC Project Begins to Move Ahead
By Eric Peterson
Last updated: March 1, 2006 08:04am
(To read more on the multifamily market, click here.)
MORRIS TWP., NJ-It’s been five years in the making, but the continuing care retirement community planned by the Order of Saint Benedict (Saint Mary’s Abbey) is finally moving ahead. And the project has gotten some seed money to help it along.
That seed money, in an unspecified amount, was arranged by the Southport, CT-based Herbert J. Sims & Co., an investment bank focused on providing financing for the senior living industry. “The round of seed money was raised through a private placement with our high-net-worth client base,” says Sims’ John Minehan. “The money, along with funds from developer RLS [Retirement Living Services] LLC and Saint Mary’s Abbey, will help cover the cost of obtaining permits and approvals, architect and engineering fees and the cost of marketing the independent living units.”
After gaining initial site plan approvals in 2001, Abbey Woods, as the project is named, has been delayed by master planning and environmental issues, by controversial sewer hookups from neighboring Morristown and by the site’s proximity to Jockey Hollow, a national historic site dating to the Revolution. The Order of Saint Benedict is sponsoring the 41-acre community, with the Hartford-based RLS coordinating the development process for the Order.
Plans call for a total of 176 independent-living apartments, along with 38 independent-living cottages, 24 assisted-living residences and 48 skilled-nursing beds. The residences would rise on 41 acres within the Order’s larger 380-acre site. Some 100 acres would be preserved as passive open space, and another 30 acres would be set aside as active open space. The remainder of the site is occupied by the campus of Delbarton Preparatory School, operated by the Order, and by Saint Mary’s Abbey.
“The community will fill a strong demand on the part of adults for market-rate CCRC residences,” Minehan says. “It’s a great setting.” Current plans call Abbey Woods to be completed by sometime in 2008. An original price tag of approximately $40 million was placed on the project in 2001, but current estimates haven’t been released.
CCRC Project Begins to Move Ahead
By Eric Peterson
Last updated: March 1, 2006 08:04am
(To read more on the multifamily market, click here.)
MORRIS TWP., NJ-It’s been five years in the making, but the continuing care retirement community planned by the Order of Saint Benedict (Saint Mary’s Abbey) is finally moving ahead. And the project has gotten some seed money to help it along.
That seed money, in an unspecified amount, was arranged by the Southport, CT-based Herbert J. Sims & Co., an investment bank focused on providing financing for the senior living industry. “The round of seed money was raised through a private placement with our high-net-worth client base,” says Sims’ John Minehan. “The money, along with funds from developer RLS [Retirement Living Services] LLC and Saint Mary’s Abbey, will help cover the cost of obtaining permits and approvals, architect and engineering fees and the cost of marketing the independent living units.”
After gaining initial site plan approvals in 2001, Abbey Woods, as the project is named, has been delayed by master planning and environmental issues, by controversial sewer hookups from neighboring Morristown and by the site’s proximity to Jockey Hollow, a national historic site dating to the Revolution. The Order of Saint Benedict is sponsoring the 41-acre community, with the Hartford-based RLS coordinating the development process for the Order.
Plans call for a total of 176 independent-living apartments, along with 38 independent-living cottages, 24 assisted-living residences and 48 skilled-nursing beds. The residences would rise on 41 acres within the Order’s larger 380-acre site. Some 100 acres would be preserved as passive open space, and another 30 acres would be set aside as active open space. The remainder of the site is occupied by the campus of Delbarton Preparatory School, operated by the Order, and by Saint Mary’s Abbey.
“The community will fill a strong demand on the part of adults for market-rate CCRC residences,” Minehan says. “It’s a great setting.” Current plans call Abbey Woods to be completed by sometime in 2008. An original price tag of approximately $40 million was placed on the project in 2001, but current estimates haven’t been released.
posted by Jones Lang LaSalle NJ News Blog at 12:08 PM
<< Home