Unity Bank Provides Multimillion Construction Loan for Clinton 122-Unit Assisted Living & Memory Care Center
December 21 2023 - 1:19PM
Unity Bank has provided a multimillion 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
West Main Street, 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,” said Chhabra, who had owned the
hotel since 2011. “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,” said Mayor Janice Kovach. “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,” said Unity Bank
President & CEO James A. Hughes. “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. For more
information, please visit courtyardseniorcare.com.
“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 Chhabra, 65, 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.”
About Unity Bancorp, Inc.Unity
Bancorp, Inc. (Nasdaq: UNTY), the parent company of Unity Bank, its
primary and wholly owned subsidiary, is a financial services
organization headquartered in Clinton, New Jersey. Unity Bank
provides financial services to businesses and consumers at 21
branches throughout New Jersey and Lehigh Valley, Pennsylvania.
Unity Bank provides community-oriented commercial banking services,
including deposit accounts, loans, online and mobile
services. For more information, please visit unitybank.com or
call 800-618-BANK (800-618-2265). Unity Bank is a member of the
Federal Deposit Insurance Corporation (FDIC). To learn about FDIC
insurance for deposits with member banks, please visit
FDIC.gov.
MEDIA CONTACT:Fred FeinerYankee
Public Relations(908) 425-4878fred@yankeepr.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b6b02a23-0467-41e4-9990-50df98c2f46b
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