Mesa West Capital has granted a $57-million loan to refinance Thrive at Montvale, a senior housing community in Montvale, NJ. The joint venture between AEW Capital Management, Thrive Senior Living and Pike Construction received the five-year floating-rate loan for the 203-unit community situated on an 11.5-acre property built in 2022 by Atlanta-based Thrive and New Jersey-based Pike.
According to Mesa West VP Brian Hahn, who led the origination team alongside managing director Matt Snyder and analyst Boyd Howard, there is great potential for growth in the senior living industry due to an aging population that will continue to increase over time. He also noted that occupancy rates are already above pre-pandemic levels in Bergen County where this property is located and with no new developments planned for this market, vacancy rates are expected to decrease even further.
Thrive at Montvale spans across 214,000 square feet of space at its location on Summit Ave., offering a total of 88 independent living units along with assisted living (83 units) and memory care (32 units). This recent refinancing deal was reported by Connect CRE.
