NEW SENIOR HOUSING DEVELOPMENT PROVIDES RENTAL INDEPENDENT, ASSISTED LIVING, AND MEMORY CARE FOR A BETTER QUALITY OF LIFE FOR THE ELDERLY

Scheduled to open September 2017

Hamilton, Mercer County, NJ: The population of the United States is aging. In Mercer County, New Jersey, alone, two thirds of the population is estimated to be above the age of 60 within the next four years. Census statistics indicate people are also living longer. In light of these facts, there is a real shortage of quality senior housing to meet the needs of the marketplace. This trend will continue as baby boomers continue to age.

Pike Development has developed the project along with Solvere Senior Living providing management and marketing services. We started construction in 2016 and will open the project in September 2017, for The Homestead at Hamilton, a 195 unit rental development offering seniors independent, assisted living and memory care along with other services located on 24 acres in Hamilton, NJ. “We believe the rental model provides residents the greatest flexibility for financial choices while not compromising access to quality services or lifestyle, according to Andrew Jubelt, Director of Development of Pike Development”.

The floor plans are designed to emphasize and maximize social interaction among residents. Small clusters of apartments with courtyards enhance the sense of community. The Homestead will offer concierge service to cater to the needs of the residents including 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 to help seniors.

“There is a tremendous need for quality senior housing and it’s imperative that we care for our aging population with dignity. They deserve that. We believe this project truly promotes a gold standard for senior living,” states David J. Weiner, Principal at Pike Construction Co., LLC. “Not only are we providing a valuable resource to the community, we are doing it in way that really honors our seniors,” Weiner adds.

This project is not only designed to help provide senior with quality housing but it is providing 435 permanent jobs to region with an estimated $19 million annual gain to the local economy, according to Wright Johnson, LLC, a nationally recognized economic analytics firm. This project has also doubled ratable tax revenue for Hamilton, NJ as this project has attracted many new businesses to the town. The town also now enjoys an AA credit rating from Standard and Poors.

Project financing was comprised of private equity, mezzanine financing and a senior construction loan provided by Red Capital.

Pike Construction and Development is a family owned company. 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.
This project has also doubled ratable tax revenue for Hamilton, NJ as this project has attracted many new businesses to the town. The town also now enjoys a AA credit rating from Standard and Poors.