Joint Venture Of AEW, Thrive Senior Living & Pike Secures $57M Refinance Loan For Senior Living Asset In Montvale
FINANCED
$57,000,000
New Jersey
See Similar DealsMultiFamily214,000 SF
Financed 10/10/2024
FINANCED
Joint Venture Of AEW, Thrive Senior Living & Pike Secures $57M Refinance Loan For Senior Living Asset In Montvale
110 Summit Avenue
See Similar DealsMultiFamily214,000 SF
Financed 10/10/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$266
Total Square Footage:214,000 SF
Transaction Type:Loan
The property asset involved in the transaction is a senior living facility located at 110 Summit Avenue in the Montvale market. It encompasses 203 units and has a total square footage of 214,000. The refinancing loan amount is set at $57,000,000 with a five-year floating rate loan type.
Summary of transaction details:
- Property Type: Senior Living
- Transaction Amount: $57,000,000
- Loan Type: Refinance
- Loan Terms: Five Year, Floating Rate
- Lender: Brian Hahn, Matt Snyder & Boyd Howard - Mesa West Capital
- Landlord: Joint Venture of AEW, Thrive Senior Living & Pike
The deal involves key individuals such as Brian Hahn, Matt Snyder, and Boyd Howard from Mesa West Capital, representing the lending side of the transaction. The landlords are a joint venture composed of AEW, Thrive Senior Living, and Pike, indicating a collaborative investment approach in the senior living sector.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$57,000,000.00
Monthly NOI$380,000.00
Monthly Debt Service$360,278.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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