MONTVALE, N.J., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Pike Properties LLC, a subsidiary of Pike Construction Co LLC, has announced the completion of Thrive at Montvale Senior Living Community in Montvale, NJ.
Thrive at Montvale is an innovative, state-of-the-art senior complex with luxury design features that encourage social interaction.
A large social courtyard is at the heart of the design philosophy, which includes an outdoor dining facility, a large fountain, fire pits, bocce courts, and an outdoor movie theatre, all designed to unite community members.
In the center of the social courtyard is the hub. The hub provides a shady, open-air structure where residents can play cards, read or congregate. A greenhouse is also part of the hub design where residents can garden all year.
"Looking more like a luxury resort than a senior housing complex, this facility is not typical of senior housing in the region," according to David Weiner, Managing Member of Pike Properties.
Thrive at Montvale is a 215,000 sq ft facility comprised of 203 rental units, 90 independent living units, 81 assisted living units, and 32 memory care units.
Thrive at Montvale is the first project of a partnership between Thrive Senior Living, Atlanta, GA, and Pike Properties LLC.
Thrive Senior Living operates the facility and provides management and marketing services. Thrive was also the primary driver in the design philosophy, making this community facility unique to the region.
Pike Properties LLC acquired the property, codeveloped the project along with Thrive and acted as the contractor on the project, which broke ground in October of 2019.
With the assistance of Cushman & Wakefield, the project funding was provided by Wells Fargo as the Senior Lender and AEW as the capital partner.
The project was delivered on time and within budget, despite supply chain and personnel challenges due to the pandemic. Pike has a long and uninterrupted tradition of delivering projects on time and within budget, and this tradition remains uninterrupted, even during a pandemic.
This project was completed in April of 2022 and is now accepting residents.
Thrive Senior Living and Pike Properties have several new projects planned with prospective Senior Housing Developments in Morris and Somerset Counties.
Pike Construction and Development is a family-owned company based in Paterson, New Jersey. Pike is a general contracting and real estate development firm established in 1958. Since its inception, the company has built more than 15,000 senior housing units ranging in project size from $10 million to over $150 million in total construction costs.
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Image 1: Thrive at Montvale Senior Housing
Uniquely Luxurious Senior Housing
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