New Providence Continuing Care Retirement Community Being Developed on “Solid Financial Footing”
President and CEO of CCRC’s developer, Lutheran Social Ministries, says the Crossing at Murray Hill community has been modeled after its successful Crane’s Mill CCRC in West Caldwell.
BURLINGTON, N.J. – December 23, 2009 – Jerry Nugent, the president and CEO of Lutheran Social Ministries of New Jersey, said the Burlington, N.J.-based not-for-profit’s development of a Continuing Care Retirement Community (CCRC), The Crossing at Murray Hill in New Providence, N.J., 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, N.J.
“Lutheran Social Ministries is very confident in the plans we’ve created for the Crossing at Murray Hill. It is based on the Crane’s Mill model, which is one of the most successful and financially stable CCRCs in the region. We firmly believe that the many factors that have made Crane’s Mill a success will enable us to create a strong, vibrant community in New Providence.”
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.
“The New Providence market reflects a strong need for a new CCRC,” Nugent said. “Our market studies told us the kind of communities our target market – consisting of individuals who are at least 62 years of age, with the average age of 78 – are looking for in their retirement years: styles of apartments, services and amenities offered and community pricing. And because Lutheran Social Ministries is a not-for-profit, we’re not beholden to shareholders, who demand a strong return on their investment. We answer to the needs of our local communities, which want retirement living accommodations that provide benefits for the community as well as the residents.”
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 (http://www.guidestar.org), 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. “
About Lutheran Social Ministries:
Lutheran Social Ministries of New Jersey is a faith-based, statewide not-for-profit provider of compassionate, quality senior care services, dedicated to helping older adults successfully age and live their lives to the fullest potential. For more information, call (609) 699-4108 or visit www.www.lsmnj.org.