Dealmaker: Mesa West Capital Funds $57M to Refinance New Jersey Senior Housing

(Thrive at Montvale, courtesy of Mesa West Capital)

Mesa West Capital, Los Angeles, provided $57 million to refinance a senior housing community in Montvale, N.J.

The community, called Thrive at Montvale, is a joint venture of AEW Capital Management, Thrive Senior Living and Pike Construction.

The five-year, floating-rate loan is secured by the 11.5-acre community built in 2022 by Thrive, a senior living development and investment firm, and Pike, a developer and general contractor.  

“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.”

Thrive at Montvale includes independent living, assisted living and memory care units.