MONTVALE, N.J. — Mesa West Capital has provided a joint venture entity with a $57 million loan to refinance Thrive at Montvale, a 203-unit seniors housing community in Montvale, an affluent New York City suburb located 30 miles north of the city. The joint venture is comprised of AEW Capital Management, Thrive Senior Living and Pike Construction.
The five-year, floating-rate loan is secured by the 11.5-acre community built in 2022 by Thrive, an Atlanta-based senior living development and investment firm, and Pike, a New Jersey-based developer and general contractor.
Thrive at Montvale is a 214,000-square-foot community that includes 88 independent living, 83 assisted living and 32 memory care units. Amenities include resident lounges, a beauty salon, multiple dining rooms, courtyards, a fitness center, a physician’s office, a theater and a pickleball court.
The seniors housing property benefits from the region’s growing senior population. According to the U.S. Census Bureau, nearly 21 percent of Montvale’s population is over the age of 65.
“The senior living industry is at the beginning of a massive demand tailwind, driven in part by the aging population, which is expected to accelerate through the second half of this decade,” says Brian Hahn, vice president of Mesa WestCapital who led the origination team that includes Matt Snyder, managing director, and analyst Boyd Howard.
“In Bergen County, occupancy is trending above pre-pandemic levels, and with no upcoming deliveries in the market, vacancy should continue to tighten,” adds Hahn.
Thrive, which will also manage operations, has a portfolio of 1,103 units across 11 communities, with an additional four communities totaling 462 units under construction.
Pike has built over 15,000 senior housing units throughout its 66-year history.