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 will use the five-year floating-rate loan to secure the 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 with managing director Matt Snyder and analyst Boyd Howard, “The senior living industry is poised for significant growth due to an aging population that is expected to continue increasing over the next few years.” He also noted that occupancy rates in Bergen County are currently higher than pre-pandemic levels and vacancy rates are expected to decrease as there are no upcoming developments planned for this market.
Thrive at Montvale spans across 214,000 square feet at its location on Summit Ave., offering a total of 203 units including independent living (88 units), assisted living (83 units) and memory care (32 units).
