Kushner acquires Long Branch motel.

Kushner Companies, a diversified real estate group based in Florham Park, N.J., has acquired a 100-room motel on Route 36 in West Long Branch, New Jersey, for conversion to an assisted living facility. According to Jeffrey Freireich, managing director for Kushner Companies, the project is a joint venture with the Scharf family, which has 40 years of experience operating senior care centers in the tri-state area, and FBE Limited, a Fruchthandler family-owned partnership, with extensive experience in commercial, industrial and residential real estate in New York.

The four-acre property adjacent to Monmouth Raceway was purchased in December 1999 and recently received full approvals for the conversion. The two-story building will continue operating as a motel until fall 2000, when a $10 million renovation project is scheduled to begin.

The property is situated convenient to the Garden State Parkway at Exit 105 and is less than 10 miles north of Interstate-195 providing access to the New Jersey Turnpike. "The property's location made it very attractive to us," remarked Freireich. "The site offers the appeal and serenity of the Jersey shore and easy access to several surrounding counties."

The converted facility will feature 100 assisted living units designed for seniors who want to maintain an independent lifestyle, but also want security and assistance with activities of daily living. It will be named The Esplanade, after similar senior residences run by the Scharf family in White Plains and New York City, New York, and in Connecticut. The Esplanade at West Long Branch will offer homelike living quarters and feature a public dining room serving three meals daily, an activity center, gardens, beauty parlor/barber shop, laundry services, a nursing companion program and 24-hour security. Competitive pricing will add to the attractiveness of the units.

The Esplanade marks Kushner's further expansion into the new senior assisted living industry. "Entering into a venture in this niche market with an experienced operator like Scharf, gives us a great deal of confidence that the project will succeed," noted Freireich. "The Scharfs have achieved nearly 100

percent occupancy in their assisted living centers, a commendable achievement in such a competitive marketplace.

"The area needs a facility of this kind," Freireich continued. "Monmouth's population is growing and aging. In just 10 years, the number of county residents aged 75 and older -- the age group we're targeting -- increased by 22 percent, and all demographic studies show that this trend will continue."

Through its Westminster Communities division, Kushner Companies has also built active adult communities in southerr New Jersey, including Wedgewood Place in Brick Township, which sold out the first two phases. of its 145 single-family homes in less than one year.