Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + California + New Jersey  + Senior Housing  | 

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.

Connect

Inside The Story

Mesa West's Hahn

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing