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Mesa West Provides $57M Loan on Montvale Senior Living Property
Mesa West Capital has provided a joint venture of AEW Capital Management, Thrive Senior Living and Pike Construction 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 Atlanta-based Thrive and New Jersey-based Pike.
“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 VP Brian Hahn, who led the origination team including 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.”
Located at 110 Summit Ave., the 214,000-square-foot Thrive at Montvale includes 88 independent living, 83 assisted living and 32 memory care units.
- ◦Financing
