Mesa West Capital has provided the AEW Capital Management, Thrive Senior Living (“Thrive”) and Pike Construction (“Pike”) joint venture with a $57 million loan to refinance Thrive at Montvale, a 203-unit senior housing community in Montvale, NJ.
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, 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 and has a track record of completing projects on time and within budget, including Thrive at Montvale, which was built during the height of the Covid-19 Pandemic.
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 property is well located at 110 Summit Avenue in the heart of Montvale, an affluent New York City suburb in Bergen County, 30 miles north of the city. Thrive at Montvale benefits from the region’s growing senior population. According to the U.S. Census, nearly 21% 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,” said Mesa West Capital’s Vice President Brian Hahn who led the origination team that includes Managing Director Matt Snyder 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.”
Mesa West Capital in the past four months has originated nearly $225 million in short-term first mortgage debt to refinance senior housing communities in the New York City, Richmond, VA; Philadelphia and Washington DC metros.
About Mesa West Capital, LLC
Mesa West Capital (www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add or transitional properties throughout the United States. Mesa West’s lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 300 transactions totaling over $20 billion.
