Unity Bank Provides Multimillion Construction Loan for Clinton 122-Unit Assisted Living & Memory Care Center
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The provision of a construction loan by Unity Bank to develop an assisted living and memory care facility represents a strategic investment in a sector that is experiencing growing demand due to an aging population. The inclusion of affordable housing units aligns with broader social and economic trends that prioritize inclusive community development. The facility's expected employment generation and its potential to address a local shortage of assisted living beds could have positive economic implications for the region, potentially increasing local employment and stimulating secondary businesses.
From a financial perspective, the project's success hinges on effective cost management and the ability to attract residents to the new facility. The diversification of services, including an adult day care center, could provide multiple revenue streams, which is a favorable indicator for the project's financial stability. The involvement of a local entrepreneur with a track record in commercial real estate may provide additional assurance to stakeholders regarding the execution of the project.
The development of Courtyard Luxury Senior Living caters to a critical need within the healthcare industry, specifically addressing the shortage of assisted living beds and memory care options. The project's focus on creating a luxury living experience for seniors could set a new standard within the industry, potentially influencing competitors to enhance their offerings. The inclusion of memory care services is particularly noteworthy as conditions like Alzheimer's and dementia are becoming more prevalent with the aging population.
Furthermore, the integration of an adult day care center within the facility is an innovative approach that could serve as a model for future developments. It meets the dual needs of providing care for seniors who do not require full-time residential services and offering respite for caregivers. The impact on the healthcare sector could be significant, as it may alleviate the burden on more traditional healthcare facilities and provide a more cost-effective solution for families and the healthcare system at large.
The repurposing of a former hotel property into an assisted living and memory care facility is a notable example of adaptive reuse in real estate development. It demonstrates a strategic pivot to capitalize on changing market conditions, such as the decline in certain types of commercial real estate like hotels due to the pandemic. The project's innovative use of space could inspire similar developments, potentially affecting real estate market trends.
In terms of real estate development, the success of this project could serve as a case study for the effective transformation of underutilized properties into facilities that meet current market demands. The project's location and size, as well as the inclusion of diverse amenities, are key factors that could influence its marketability and overall success. The developer's background in engineering may also contribute to the efficient design and construction of the facility, optimizing its operational functionality and appeal to potential residents.
Adult Day Care Center Also To Be Offered at Former Holiday Inn Property
CLINTON, N.J., Dec. 21, 2023 (GLOBE NEWSWIRE) -- Unity Bank has provided a multimillion construction loan to Somerset County entrepreneur Gulshan Chhabra to develop a 122-unit assisted living and memory care residential facility and an adult day care center at the site of Clinton’s former Holiday Inn at 111 West Main Street, which closed during the COVID-19 pandemic. Courtyard Luxury Senior Living, which includes 12 affordable housing units for Clinton, is scheduled to open in March and will hire approximately 80 employees.
“We are creating the premier assisted living facility in the United States,” said Chhabra, who had owned the hotel since 2011. “Unity Bank and Clinton’s Mayor and Town Council have all been extremely supportive. Courtyard Luxury Senior Living will fill a community need because there is a shortage of approximately 1,100 assisted living beds in our marketplace. We are filling that need with a facility that merges luxury, comfort and quality care, creating an unparalleled living experience for seniors.”
“Launching the new assisted living facility in Clinton signifies our commitment to not only enriching the lives of our seniors, but also addressing our community's need for affordable housing,” said Mayor Janice Kovach. “This innovative project reflects our dedication to creating inclusive spaces that benefit residents of all ages.”
The five-story, 109,000-square-foot building will feature three distinct programs, including 100 units for assisted living on floors two through four and 22 beds for a residential memory care program on the fifth floor for those with cognitive disorders such as Alzheimer’s and dementia. An adult day care center on the first floor will accommodate up to 105 seniors daily and have a separate entrance from the residential programs.
“Gulshan Chhabra has been a Unity Bank customer for many years so it was a privilege to help bring his vision for Courtyard Luxury Senior Living to fruition,” said Unity Bank President & CEO James A. Hughes. “As a community bank, we are committed to working with business owners and investors who want to improve the quality of life for our neighbors. We look forward to Gulshan’s continued success in the community while serving the needs of seniors.”
Chhabra, who is trained as a mechanical and aeronautical engineer, said he expects the nine-acre property to be completely renovated by the end of February. Some of the facility highlights will be a salon, library, theater, game room, heated swimming pool, fitness center, common lounges, restaurants, and onsite pharmacy and physical therapy services. For more information, please visit courtyardseniorcare.com.
“The pandemic was devastating for a wide range of businesses including many in the hotel industry, but we took the opportunity to reposition and to complete the needed permits with the New Jersey Department of Health,” said Chhabra, 65, who also owns multiple New Jersey commercial real estate properties. “I am excited about what we will accomplish with the assisted living center because we will truly help many people live better, more fulfilling lives.”
About Unity Bancorp, Inc.
Unity Bancorp, Inc. (Nasdaq: UNTY), the parent company of Unity Bank, its primary and wholly owned subsidiary, is a financial services organization headquartered in Clinton, New Jersey. Unity Bank provides financial services to businesses and consumers at 21 branches throughout New Jersey and Lehigh Valley, Pennsylvania. Unity Bank provides community-oriented commercial banking services, including deposit accounts, loans, online and mobile services. For more information, please visit unitybank.com or call 800-618-BANK (800-618-2265). Unity Bank is a member of the Federal Deposit Insurance Corporation (FDIC). To learn about FDIC insurance for deposits with member banks, please visit FDIC.gov.
MEDIA CONTACT:
Fred Feiner
Yankee Public Relations
(908) 425-4878
fred@yankeepr.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b6b02a23-0467-41e4-9990-50df98c2f46b
FAQ
What is the purpose of the multimillion construction loan provided by Unity Bank (UNTY)?
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What is the unique feature of the residential facility for those with cognitive disorders?
