BURLINGTON--Jerry Nugent, the president and CEO of Lutheran Social Ministries of New Jersey, said the Burlington-based not-for-profit’s development of a Continuing Care Retirement Community (CCRC), The Crossing at Murray Hill in New Providence, is being planned and will be built on “sound financial footing.”
The Crossing at Murray Hill, planned for construction at 535 Mountain Avenue in New Providence, is modeled after Lutheran Social Ministries’ successful Crane’s Mill CCRC in West Caldwell.
Crane’s Mill has an Independent Living occupancy rate of 98-99 percent, “a rate that is the envy of many CCRCs, which would be satisfied with an occupancy of 90 percent,” said Nugent. One of the keys to high occupancy, according to Nugent, is conducting reliable market studies at the beginning stages of a CCRC project. The Crossing at Murray Hill is being designed to fit the lifestyle and expectations of the people that live in the area.
In the past 18 months, the developers of some large CCRCs have been affected by the stock market collapse, the housing crisis and the bad credit market – what Robert Kramer, president of the National Investment Center for the Senior Housing & Care Industry, called a “triple whammy.” Seniors who couldn’t sell their existing homes put off moving into CCRCs or other retirement living arrangements. Larger developers, some of which Nugent said “bet the house on the continuing, rapid growth in the economy,” found they could no longer fill all their units.
“All CCRCs in New Jersey are required to file financial disclosure statements with the New Jersey Department of Community Affairs, and these statements are available to the public upon request. By visiting the Web site of GuideStar, a national database on not-for-profit organizations, anyone can view Lutheran Social Ministries’ at Crane’s Mill’s IRS Form 990, which provides financial information about our financial condition, our financial strength and other information, such as the sources of our income. “
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