JLL Arranges Construction Loan and Equity for 175-Unit Thrive at Roxbury Senior Living Project in New Jersey
JLL Capital Markets has arranged construction financing and joint venture equity for Thrive at Roxbury, a 175-unit senior housing development in Roxbury Township, New Jersey, the firm announced Nov. 4. Liberty Bank provided the construction loan, and AEW Capital Management provided the majority limited partner equity.
The sponsor is a partnership among Pike Construction, Gallium Real Estate and Thrive Senior Living. JLL's National Seniors Housing Capital Markets team represented the sponsor and secured the construction loan and the majority LP equity investor through sequential competitive processes. The team was led by Senior Director Jim Dooley.
Thrive at Roxbury Project Details
Thrive at Roxbury is scheduled for completion in December 2028. The three-story building will include 100 independent living units, 43 assisted living units and 32 private memory care units. The community is planned to offer social and educational programs, multiple all-day dining venues, wellness services, a fitness center, a media center, a theatre, a café and coffee shop, and programmed daily activities.
The property is located at 201 NJ-10 in Succasunna, in Morris County, at the intersection of Route 10 and South Hillside Avenue. The site covers approximately 8.4 acres and is also associated with the Beeman Estate or Porfido tract. The state has noted that the municipality could ultimately assign a new address to the facility, as an existing structure currently carries the 201 NJ-10 address.
Capital Structure: Liberty Bank Debt and AEW Equity
The financing combines a bank construction loan from Liberty Bank with institutional equity from AEW Capital Management. JLL ran separate competitive processes for the debt and the equity.
A New Jersey Certificate of Need document for the assisted-living component lists total project costs of $46.96 million, including architectural, engineering, development, construction and renovation expenses. That filing covers a 137-bed assisted-living residence in 97 residential suites and does not represent the full capitalization of the 175-unit development. The same filing projects first- and second-year revenue of $25.63 million and expenses of $21.13 million for the approved assisted-living component, implying annual profit of roughly $4.50 million.
Joint Venture and Sponsor Background
Thrive at Roxbury is the second New Jersey project for the joint venture of Pike Construction, Gallium Real Estate and Thrive Senior Living, which has additional projects in planning in the region. Pike Construction, based in Patterson, New Jersey, is a developer and general contractor of all commercial real estate asset classes in the state since its inception over 65 years ago. Thrive Senior Living, based in Atlanta, has managed 60 communities in 12 states since its inception in 2008.
Market and Entitlement Context in Morris County
The project will serve unmet demand in Morris County with a luxury full continuum of care. The surrounding three-mile market is home to more than 32,000 seniors, with the qualified population aged 75 and older anticipated to grow 33.4% over the next five years. The site sits near affluent Northern New Jersey communities including Chester, Mendham, Denville and Morris, with regional access to the Tri-State area via Interstate 80 and Route 206, and proximity to retail developments.
The site's senior-housing zoning resulted from a 2021 zoning change tied to a court-approved affordable-housing settlement, and the project received planning board approval in December 2024. A 2026 New Jersey market outlook cited nearly 97% occupancy in suburban Bergen, Morris and Union County multifamily properties, with rent growth of roughly 3% to 5% expected. Those figures reflect conventional multifamily rather than senior housing, which depends more heavily on age-qualified demand, care acuity, labor costs and operating margins.
About the Financing Advisor
JLL Capital Markets provides capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide and offices in nearly 50 countries. JLL is a publicly traded commercial real estate services and investment management company listed on the NYSE.
Sources
JLL newsroom: https://www.jll.com/en-us/newsroom/jll-capital-markets-placed-the-capital-for-thrive-at-roxbury