Cushman & Wakefield Senior Housing Capital Markets, acting as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate, has arranged $26.5 million of institutional equity capital from a private equity fund for a 203-unit independent living, assisted living and memory care development in Montvale, Bergen County, New Jersey.
The project is located 25 miles from Manhattan and a half mile from the Garden State Parkway.
Construction debt financing of $54.6 million has been lined up with a senior housing lender and is expected to close in late August.
The high-end, progressive IL/AL/MC community will be a four-story building on an 11.5-acre site with an state-of-the-art 33,000 s/f interior social court.
The outdoor space will feature indoor and outdoor dining venues and a utility building to serve as a yoga studio, art studio or outdoor movie theater.
Additionally, memory care residents will have free flow access to the outdoors offering the community’s residents the choice to come and go as they please.
“Thrive is excited to continue to expand our influence on the east coast and feels honored to be partnering with such a respected team on this project,” said Alan Moise of Thrive Senior Living.
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, and Director Jim Dooley. “We feel that this exciting project will be exceptionally well received in this market, and our team is thrilled for the new partnership created for this venture,” said Swartz.