An existing New Jersey non-profit CCRC is pursuing nearly $100 million in financing for a renovation and expansion that will focus on repurposing its units to a household model of care.
Fellowship Senior Living in Basking Ridge, New Jersey, about 35 miles from New York City, has reportedly selected RBS Citizens Bank to lead a $97 million financing for the project, which will allow for the renovation as well as for the community to refinance its existing bonds to lower rates.
The community is pursuing a transition of its existing assisted living, skilled nursing and memory care units to a “household” model of care that is more resident-centric than its previous arrangement. Additional project components include the theater addition, renovation of common spaces including the community lobby and expansion of administrative areas to accommodate new programs.
Fellowship Senior Living anticipates creating 25 new jobs as a result.
The community offers health care services and home-based services in addition to its independent living, assisted living, skilled nursing and memory care residential options. The organization’s Fellowship Senior Living at Home also gives clients an alternative to long-term care insurance.
Written by Elizabeth Ecker