Private Fund Seeds Senior Project in Bergen County
Cushman & Wakefield Senior Housing Capital Markets, which is based in Boston, reports it has arranged $26.5 million of institutional equity capital from a private equity fund for a 203-unit project in Montvale.
MONTVALE, NJ—A planned senior independent living, assisted living and memory care development project here has secured approximately $27 million from a private equity fund.
Cushman & Wakefield Senior Housing Capital Markets, which is based in Boston, reports it has arranged $26.5 million of institutional equity capital from a private equity fund for a 203-unit project in Montvale being developed by a joint venture that includes Pike Properties of Paterson, NJ, Thrive Senior Living of Atlanta and New Jersey-based Gallium Real Estate.
Construction debt financing of $54.6 million has been lined up with a premier senior housing lender and is expected to close in late August, C&W officials state.
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,” C&W’s Swartz says.
The high-end, independent living, assisted living and memory care community will be a four-story building on an 11.5-acre site with a state-of-the-art 33,000 square foot interior social court that will flood the community’s interior with natural light.
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,” says Alan Moise, chief investment officer of Thrive Senior Living.
Earlier this month, Thrive Senior Living announced its purchase of Savannah Commons, a senior living community in historic Savannah, GA. The purchase—which took place in early June—marked a significant benchmark for the Atlanta-based firm. Savannah Commons will be the largest community operated by Thrive to date.