July 22, 2024
Loans

Unity Bank provides multimillion-dollar construction loan for assisted living center in Clinton


Unity Bank on Wednesday said it provided a multimillion-dollar 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 W. Main St., 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,” Chhabra, who had owned the hotel since 2011, said. “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,” Clinton Mayor Janice Kovach said. “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,” Unity Bank CEO and President James Hughes said. “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.

“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 the 65-year-old Chhabra, 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.”





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