July 31, 2019
Cushman & Wakefield Senior Housing Capital Markets 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 the affluent Bergen County bedroom community of Montvale, NJ.
A Cushman & Wakefield team of Richard Swartz, Jay Wagner and Jim Dooley acted as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate.
“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.
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 premier senior housing lender, and is expected to close in late August.
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