Bain Capital JV Lands $48M for Tri-State Assets
Both communities are located within 20 miles of New York City.
A joint venture Bain Capital Real Estate and Capitol Seniors Housing have obtained $48 million in refinancing for The Chelsea at New City in New City, New York, and The Chelsea at Washington Township in the Township of Washington, New Jersey, two senior housing communities totaling 165 units.
JLL’s Seniors Housing Debt Advisory team worked on behalf of the borrower to place the three-year, floating-rate loan with a regional bank.
On-site amenities at both properties include restaurant-inspired meals, beauty and barber salons, sports lounges and health and wellness programs. Both properties also have a daily activities calendar, a computer lab, a movie theater and transportation services.
The Chelsea at New City, completed in 2021, offers 80 assisted living, memory care and respite care living arrangements. Completed in 2023, The Chelsea at Washington Township spans 85 assisted living and memory care units.
The Chelsea at New City is located at 269 North Main St. in Rockland County, New York, about 18 miles north of Manhattan, while the Chelsea at Washington Township is on a five-acre site at 620 Pascack Road in Northern New Jersey’s Bergen County, about 11 miles northwest of Manhattan.
Aging gracefully
Senior housing is in demand in many markets, according to NIC MAP data. The property type’s occupancy was up once again in in the third quarter of 2025. Twelve of the last 17 quarters have seen the highest volumes of absorption in the history of the sector, the same source shows.
READ ALSO: Why and Where Is Senior Housing Investment Growing?
At the same time, supply is lagging. NIC MAP data shows annual inventory growth at just 0.7 percent in the third quarter of 2025. Lisa McCracken, head of research and analytics at NIC, said in an interview with Multi-Housing News that even if construction starts to pick up in 2026, it will be a few years until new supply starts to come onto the market in a meaningful way.
That is because the average construction cycle for senior housing is now 29 months, meaning projects that break ground in early 2026 won’t open before 2028. Consequently, existing, stabilized properties stand to benefit from tightening market conditions over the next few years.
