Press Release

For More Information Contact the NJHCFFA
Communications Department:
609-292-8585 X142
For Release: May 27, 2005
MARK E. HOPKINS
EXECUTIVE DIRECTOR

CONTACT: Stephanie Zschunke
PHONE: 609-292-8585
Date: May 27, 2005

 

NEW ASSISTED LIVING FACILITY COMING TO
SOMERSET COUNTY

 

(Somerset County)  On May 26, 2005, the New Jersey Health Care Facilities Financing Authority closed a transaction for approximately $12 million worth of bonds to fund the construction, equipping and start-up costs for a new, 81-unit, 97 licensed bed assisted living facility, to be known as The Avalon at Hillsborough (A Bridgeway Assisted Living Residence).

 

The bonds were issued on behalf of Pilgrim River, L.L.C., which is a New Jersey limited liability company formed for the purpose of owning and operating the new Avalon at Hillsborough.  Ninety-seven beds will be staffed, of which 19 are intended for residents with Alzheimer's Disease and related dementia.  The Project will be located on a five-acre site located at 393 Amwell Road in Hillsborough Township, Somerset County, New Jersey.

 

The New Jersey Health Care Facilities Financing Authority is the primary issuer of municipal bonds for New Jersey's health care organizations. Created in 1972 by an act of the Legislature to provide not-for-profit health care providers with access to low-cost capital, the Authority's statutory powers were expanded in 1998 to include financing for all health care organizations or components thereof. During its 30+-year history, the Authority has issued over $11 billion in bonds on behalf of over 140 health care organizations throughout the state.

 

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