A rendering of the new senior project in Montvale, NJ.
MONTVALE, NJ – A proposed senior citizen development, independent living, assisted living, and memory maintenance project has secured approximately $ 27 million here from a private equity fund.
Boston-based Senior Housing Capital Markets of Cushman & Wakefield reports that it has raised $ 26.5 million in institutional equity from a private equity fund to a 203-unit project in Montvale that is being managed by a joint venture which Pike Properties of Paterson is a part of. NJ, Thrive Senior Living of Atlanta and Gallium Real Estate based in New Jersey.
The $ 54.6 million home loan financing has been commissioned by a leading senior home lender and is expected to close in late August, the C&W representatives said.
The Cushman & Wakefield team involved in the transaction consisted of Vice Chairman Richard Swartz, Managing Director Jay Wagner and Director Jim Dooley.
"We believe this exciting project will be extremely well received in this market," says Swartz of C&W.
The high-end community for independent living, assisted living, and memory maintenance will be a four-story building on 11.5 acres with a state-of-the-art, 33,000-square-foot social court that will flood the interior of the community with natural light.
The outdoor area will have indoor and outdoor dining rooms and an outbuilding that will serve as a yoga studio, art studio or outdoor cinema.
In addition, the memory care residents have free access to nature so that the community residents have the choice to come and go as they please.
"Thrive is excited to expand our influence on the East Coast and is honored to be working with such a distinguished team on this project," said Alan Moise, chief investment officer, Thrive Senior Living.
Earlier this month, Thrive Senior Living announced its Acquired from Savannah Commons, a senior community in historic Savannah, GA. The purchase, which occurred in early June, was an important benchmark for the Atlanta-based company. Savannah Commons will be the largest Thrive-operated community to date.