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Official Groundbreaking and Reception Ceremony for Homestead at Hamilton

HomesteadatHamilton

The ownership and development team for Homestead at Hamilton held a groundbreaking ceremony the morning of April 14, followed by an afternoon reception at The Stone Terrace’s Hamilton Room in Hamilton Township. More than 100 people attended, including Hamilton Mayor Kelly Yaede, local officials, business and civic leaders, and the general public. From left to right in the photo above are:

Paul O’Brien, Vice President, Director of Operations, Solutions Advisors

Jack Spencer, Owner’s Construction Representative

James Scribner, Managing Director of Red Capital Construction Lender

Kristin Kutac-Ward, President and CEO of Solvere Senior Living & President and CEO of Solutions Advisors

John Ralosky, COO of Solvere Senior Living

Brian Hughes, Mercer County Executive

Hamilton Mayor Kelly Yaede

David Weiner, Principal of Pike Construction Co., LLC and Managing Member of Developer

Jeff Abrams, Principal of Pike Construction Co., LLC

Andy Jubelt, Director of Development, Pike Development

Paul Braungart, Principal of Regional Capital and EB-5 Regional Center

Martin Flynn, Hamilton Township Director of Economic Development

Homestead at Hamilton will provide 195 apartments for independent living, assisted living and memory care. Solvere Senior Living and Pike Construction Co. LLC, co-developer and general contractor, are investing $59.1 million in the project, located in central New Jersey’s Mercer County. 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 The News – Solvere Senior Living Building Homestead At Hamilton

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.

Article published by New Jersey Business, A Publication of the New Jersey Business and Industry Association

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Senior Housing Turnaround Company Tries Hand at New Development

A company known for offering consulting services to help turn around struggling senior living communities is trying its hand at new development, complete with an opportunistic strategy.

Solutions Advisors, a consulting firm that develops strategic plans for senior living communities and then helps to execute management, marketing and sales solutions, plans to break ground on its first senior living community in January. Located in Hamilton, New Jersey, the community will consist of 96 independent living units, 75 assisted living units and 24 memory care units.

“Our goal was always to get into management and development when the economy turned around,” Kristin Kutac Ward, president and CEO of Solutions Advisors, tells Senior Housing News.

The project is expected to cost $59 million to complete, Kutac Ward says. Red Capital Partners provided a $36.4 million five-year construction loan, participating with a partner bank. Additional funding comes from $18 million in EB-5 financing, as well as equity provided by Solutions Advisors and Pike Senior Housing Partners LLC.

Construction will take nearly two years, and the facility is scheduled to open its doors in October 2017, Kutac Ward says.

Hamilton proved an underserved market prime for Solutions Advisors’ first development, she says, primarily because senior housing offerings in the area are limited. The community is the result of a joint venture between Pike Senior Housing Partners and Solvere Senior Living, the management arm of Solutions Advisors.

“Because of our background as consultants, we are being very creative and opportunistic in our markets and the people we’re partnering with,” Kutac Ward tells SHN. “With this product, we’re offering an alternative to [continuing care retirement communities].”

That’s because it will function as a rental model, which Kutac Ward says will be “moderately priced.” The independent living and assisted living units will be situated on separate parts of the property as well, she says, making it seems as though there are “two communities in one.”

Between different development partners, Solutions Advisors aims to manage anywhere from five to 10 communities within the next three years.

“We are seeking to grow a healthy balance of existing product as well as new development,” she says. “When we’re looking at new developments, we’re being very discerning. We’re not going into typical markets that are growing exponentially.”

Written by Kourtney Liepelt, Senior Housing News
[Source: http://seniorhousingnews.com/2015/11/24/senior-housing-turnaround-company-tries-hand-at-new-development/]

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Solvere Senior Living Offers Management Services

Princeton, NJ – Solvere Senior Living is the new name for the management arm of Solutions Advisors, a Princeton-based consulting firm specializing in senior living. Kristin Kutac Ward, President and CEO of Solutions Advisors, revealed the name along with the announcement of the development of their newest community, Homestead at Hamilton, in New Jersey.

“Solutions Advisors has always provided management services on both an interim and long-term basis,” said Kutac Ward. “Naming it Solvere Senior Living makes it distinct from our other business lines.”

Rooted in Latin meaning “to solve,” Solvere taps into the talents of professionals with expertise in operations, business, finance, and marketing. John Ralosky serves as Chief Operating Officer with Lorie Dancy as Vice President of Clinical Services among other team members whose experience includes some of the most highly recognized senior living providers on the national stage.

Solvere Senior Living is an equity partner, developer and future operator for Homestead at Hamilton, a 195-unit senior living community under development in central New Jersey, and also serves as the operator for communities located in Indiana, West Virginia and Maryland owned by affiliates of WMD Asset Management, LLC, a national leader in whole loan, mortgage-backed securities and real estate investments.

“We want the Solvere brand to be recognized as a premier management company bringing creativity and innovative solutions to senior living communities,” said Kutac Ward. “Our focus on wellness programming and customer service, combined with our marketing strength will set the stage for successful communities.”

For more information, visit www.solvereseniorliving.com or 888-399-5166.

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Homestead at Hamilton, New Jersey Closes Financing

Princeton, NJ – Solvere Senior Living, a Princeton-based senior living management firm, will co-develop and operate a new senior community in Hamilton, New Jersey.

Named Homestead at Hamilton, the community will include 195 total units of independent living, assisted living and memory care on a 21-acre site in Mercer County, located in central New Jersey and an hour’s drive from New York City, Philadelphia and the Jersey Shore. The $59.1 million project is being co-developed with Pike Construction LLC, who will also serve as general contractor.

Solvere Senior Living is an offshoot of Solutions Advisors, a sales and marketing consulting firm focused on senior living. Solvere’s portfolio of managed assets includes owner-investor properties throughout the East Coast and Midwest as well as its own communities.

Pike Construction, based in Paterson, New Jersey, is a general contracting and real estate development business that was established in 1958.  Since its inception, Pike has constructed more than 15,000 units of senior housing ranging in project size from $10 million to over $150 million in total construction costs.

The project’s architect 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.

According to Kristin Kutac Ward, President and CEO of Solvere Senior Living, Homestead at Hamilton will offer an emphasis on wellness and concierge-type services for seniors able to live independently as well as those needing assisted living or memory care. Priced to appeal to a middle-income market, the community will include amenities such as a theatre, cocktail bar, bistro and well-equipped fitness center and exercise studio.

Project financing includes $18 million of EB5 capital, a $36.4 million construction loan and equity provided by the owner. A sales center is expected to open fall of 2016 with the community scheduled to open in 2017. More information is available at 888-399-5166.

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Introducing Summers Pointe

We are excited to announce our newest Solvere Senior Living managed community – Summers Pointe in Indiana!

Summers Pointe of Winchester is an Assisted Living community serving Winchester, Indiana and surrounding communities, providing the ideal solution for seniors who value their independence but may require some assistance with activities of daily living.

We are happy to join forces as managers of this beautiful community!