Key Takeaways
- • JLL Capital Markets arranged $41.1 million in construction financing for Benchmark at East Islip, a 90-unit senior living community in Long Island, New York, with construction commencing July 2026 and completion expected Q1 2028.
- • The joint venture between National Development and Benchmark Senior Living selected a prominent regional bank as the lender, citing attractive terms on proceeds, pricing, and structure as evidence of capital returning aggressively to senior housing construction.
- • The two-story, 88,000-square-foot facility will comprise 64 assisted living and 26 memory care apartments, replacing a former bowling alley on a strategically located East Islip site with access to major transportation corridors and regional healthcare institutions.
- • The project targets demographic tailwinds in the Northeast senior living market, capitalizing on projected substantial growth in the local senior population over the next decade within affluent, densely populated Middlesex County.
- • JLL conducted a competitive marketing process that attracted multiple lending quotes, demonstrating renewed institutional appetite for senior housing construction financing in the current market environment.
Summary
JLL Capital Markets has secured $41.1 million in construction financing for Benchmark at East Islip, a new 90-unit senior living community being developed through a joint venture between National Development, a prominent real estate investment, development, and management firm, and Benchmark Senior Living, a leading senior living operator in the Northeast. Construction commenced in July 2026, with the community expected to open in the first quarter of 2028.
The two-story facility spans 88,000 square feet and will contain 64 assisted living apartments and 26 memory care units, totaling 90 licensed beds. The community is designed with premium unit finishes and extensive amenities, including multiple dining venues, a theater, fitness center, salon, and various outdoor spaces. The development is replacing a former bowling alley on the East Islip site, which offers strategic access to the New Jersey Turnpike, Route 18, retail and dining options, and leading regional healthcare institutions.
JLL conducted a highly competitive marketing process that attracted numerous lending quotes from a wide range of capital sources. A prominent regional bank was ultimately selected due to its competitive terms across loan proceeds, pricing, and structure. The selection of this lender underscores a notable return of aggressive capital to senior housing construction financing, signaling renewed institutional confidence in the sector following a period of tighter lending conditions.
The East Islip project is positioned to benefit from significant demographic trends favoring senior living demand. The property is located in Middlesex County, one of New Jersey's most affluent and densely populated suburban markets. Local senior population projections indicate substantial growth over the next decade, providing strong demand fundamentals for the premium assisted living and memory care offering the Benchmark community will deliver to the market.
The two-story facility spans 88,000 square feet and will contain 64 assisted living apartments and 26 memory care units, totaling 90 licensed beds. The community is designed with premium unit finishes and extensive amenities, including multiple dining venues, a theater, fitness center, salon, and various outdoor spaces. The development is replacing a former bowling alley on the East Islip site, which offers strategic access to the New Jersey Turnpike, Route 18, retail and dining options, and leading regional healthcare institutions.
JLL conducted a highly competitive marketing process that attracted numerous lending quotes from a wide range of capital sources. A prominent regional bank was ultimately selected due to its competitive terms across loan proceeds, pricing, and structure. The selection of this lender underscores a notable return of aggressive capital to senior housing construction financing, signaling renewed institutional confidence in the sector following a period of tighter lending conditions.
The East Islip project is positioned to benefit from significant demographic trends favoring senior living demand. The property is located in Middlesex County, one of New Jersey's most affluent and densely populated suburban markets. Local senior population projections indicate substantial growth over the next decade, providing strong demand fundamentals for the premium assisted living and memory care offering the Benchmark community will deliver to the market.
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