A rendering of a new independent living, assisted living and memory care facility in Montvale — Courtesy: Cushman & Wakefield
By Joshua Burd
A private equity fund is providing more than $25 million in capital for a new 203-unit senior living facility in Montvale, brokers with Cushman & Wakefield announced this week.
The project, located at 110 Summit Ave., would bring a new independent living, assisted living and memory care complex to the affluent Bergen County community. A joint venture of Pike Properties, Thrive Senior Living and Gallium Real Estate is developing the facility, while the C&W team of Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner and Director Jim Dooley sourced the $26.5 million in development equity.
“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,” Swartz said.
The high-end, senior living community will be a four-story building on 11.5 acres, including a modern 33,000-square-foot interior social court that will flood the community’s interior with natural light, C&W said. 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, C&W said, 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.
C&W also noted that the joint venture has secured $54.6 million in construction debt financing from a senior housing lender, which is expected to close in late August.