SHREWSBURY, N.J. — CBRE has arranged construction financing totaling $16.7 million for The Chelsea of Shrewsbury, an 85-unit assisted living and memory care community in Shrewsbury, approximately 50 miles south of New York City.
Capitol Seniors Housing is developing the Class A community. Once construction is complete, Chelsea Senior Living will be brought in as the third-party manager.
The nonrecourse, five-year, floating-rate loan features 48 months of interest-only payments. A regional bank provided the capital. Aron Will of CBRE National Senior Housing negotiated the deal.
Capitol Seniors Housing is a private equity firm that invests in seniors housing properties. It currently owns 25 assets totaling 2,545 units.