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AEW, Thrive Senior Living, Pike Construction JV secures $57m loan to refinance senior housing community in Montvale, N.J.
Transactions - OCTOBER 22, 2024

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AEW, Thrive Senior Living, Pike Construction JV secures $57m loan to refinance senior housing community in Montvale, N.J.

by Denise Moose

A joint venture between AEW Capital Management, Thrive Senior Living and Pike Construction has secured a $57 million loan to refinance Thrive at Montvale, a 203-unit senior housing community in Montvale, N.J. Mesa West Capital provided the loan.

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 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 located at 110 Summit Ave. in the heart of Montvale. Thrive at Montvale benefits from the region’s growing senior population. According to the U.S. Census, nearly 21 percent of Montvale’s

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