Mesa West Capital Provides $57M Refi for Luxury Senior Housing
The property came online two years ago.
The joint venture of AEW Capital Management, Thrive Senior Living and Pike Construction has received $57 million for the refinancing of Thrive at Montvale, a 203-unit luxury senior housing community in Montvale, N.J. Mesa West Capital provided the five-year, floating-rate loan.
Earlier this month, AEW also secured a $114.6 million refinancing deal for two senior housing communities in Malvern, Penn., and Kensington, Md. Mesa West Capital provided those floating-rate loans as well.
The senior living industry is poised for substantial growth due to the increasing aging population, with demand expected to rise significantly in the second half of this decade, said Mesa West Capital Vice President Brian Hahn in a prepared statement.
Thrive at Montvale, up close
Co-developed by Thrive and Pike, the 214,000-square-foot property came online two years ago. Pike acquired the community and acted as the project’s contractor; Thrive operates the facility and provides management and marketing services.Â
Thrive at Montvale was the partnership’s first development. The project received financing from Wells Fargo as senior lender and AEW as capital partner, with the assistance of Cushman & Wakefield.
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The community encompasses 88 independent living, 83 assisted living and 32 memory care units. Amenities feature a fitness center, resident lounges, a beauty salon, several dining rooms, courtyards, a physician’s office, a theater, a pickleball court, a pet park and walking trails. Services provided include 24/7 nursing oversight with comprehensive care, assistance with daily activities, medication management, chef-prepared meals, housekeeping and laundry services.
The property occupies some 11.5 acres at 110 Summit Ave., roughly 3 miles from the city center. The location is close to Garden State Parkway, which provides easy access across the New York City metropolitan area.