Cushman & Wakefield Arranges $26.5M Development Equity for 203-Unit Project in New Jersey

MONTVALE, N.J. — Cushman & Wakefield Senior Housing Capital Markets has arranged $26.5 million of institutional equity capital from a private equity fund for a 203-unit independent living, assisted living and memory care development in Montvale.

Cushman & Wakefield acted as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate. The project is located 25 miles from Manhattan and half a mile from the Garden State Parkway.

Construction debt financing of $54.6 million has been lined up with a premier seniors housing lender and is expected to close in late August.

The high-end community will feature a four-story building on an 11.5-acre site. A 33,000-square-foot interior social court will provide the community’s interior with natural light.

The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Jim Dooley.