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Mesa West Originates $57 MM Mortgage to Refinance NY-Space Senior Housing Neighborhood

Thrive At Montvale NEW YORK – Oct. 21, 2024 – PRLog — 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

Mesa West Originates $57 MM Mortgage to Refinance NY-Space Senior Housing Neighborhood

Thrive At Montvale

Thrive At Montvale

NEW YORKOct. 21, 2024PRLog — Mesa West Capital has offered the AEW Capital Administration, Thrive Senior Residing (“Thrive”) and Pike Development (“Pike”) three way partnership with a $57 million mortgage to refinance Thrive at Montvale, a 203-unit senior housing group in Montvale, NJ.

The five-year, floating-rate mortgage is secured by the 11.5-acre group in-built 2022 by Thrive, an Atlanta-based senior residing improvement and funding agency, and Pike, a New Jersey-based developer and basic contractor.  Thrive, which may even handle operations, has a portfolio of 1,103 models throughout 11 communities, with an extra 4 communities totaling 462 models underneath building.  Pike has constructed over 15,000 senior housing models all through its 66-year historical past and has a observe report of finishing tasks on time and inside price range, together with Thrive at Montvale, which was constructed in the course of the top of the Covid-19 Pandemic.

Thrive at Montvale is a 214,000-square-foot group that features 88 impartial residing, 83 assisted residing, and 32 reminiscence care models.  Facilities embody resident lounges, a magnificence salon, a number of eating rooms, courtyards, a health heart, a doctor’s workplace, a theater and a pickleball court docket.

The property is nicely positioned at 110 Summit Avenue within the coronary heart of Montvale, an prosperous New York Metropolis suburb in Bergen County, 30 miles north of town. Thrive at Montvale advantages from the area’s rising senior inhabitants. In accordance with the U.S. Census, practically 21% of Montvale’s inhabitants is over the age of 65.

“The senior residing trade is originally of an enormous demand tailwind, pushed partially by the getting older inhabitants, which is predicted to speed up via the second half of this decade,” stated Mesa West Capital’s Vice President Brian Hahn who led the origination crew that features Managing Director Matt Snyder and Analyst Boyd Howard.  “In Bergen County, occupancy is trending above pre-pandemic ranges and with no upcoming deliveries out there, emptiness ought to proceed to tighten.”

Mesa West Capital up to now 4 months has originated practically $225 million in short-term first mortgage debt to refinance senior housing communities within the New York Metropolis, Richmond, VA; Philadelphia and Washington DC metros.

About Mesa West Capital, LLC
Mesa West Capital (http://www.mesawestcapital.com) is a number one business actual property debt fund supervisor and portfolio lender. With workplaces in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of many main suppliers of business actual property debt since its founding in 2004. Mesa West gives non-recourse first mortgage loans for core/core-plus, value-add or transitional properties all through the USA. Mesa West’s lending portfolio consists of all main property varieties with mortgage sizes starting from $20 million as much as $400 million. Since inception, the agency has sourced and closed greater than 300 transactions totaling over $20 billion.

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