CVS Health Commits $9M to 75-Unit Senior Housing in Williamstown NJ
CVS Health invested $9M via R4 Capital into the 75-unit Mews at St. Mary senior housing development in Williamstown, NJ, leveraging $29M in combined HUD and state financing. This brings CVS’s total New Jersey housing investment to over $40M for nearly 2,500 affordable units and bolsters its community health strategy.
1. Project Launch and Funding
CVS Health contributed $9 million through its R4 Capital arm to the construction of Mews at St. Mary, a 75-unit affordable senior housing property in Williamstown, New Jersey. The development also secured $8 million in HUD 202 Capital Advance funding, $14 million in NJHMFA construction financing and $7 million from the NJHMFA Affordable Housing Production Fund.
2. Community Health Integration
The property offers on-site nursing, health education and prevention services, mental health support, PACE program access and daily living assistance, reflecting CVS’s focus on linking housing stability with improved health outcomes for older adults. Aetna Better Health of New Jersey will coordinate wellness and social services to support resident independence and dignity.
3. Expanded Affordable Housing Investments
This project increases CVS Health’s total New Jersey affordable housing commitment to over $40 million, aiding nearly 2,500 units statewide. It follows a $12 million investment in a 74-unit Jersey City development and complements Aetna’s collaboration on the NJ FamilyCare Housing Supports program addressing statewide housing insecurity.