AEW Capital Gets $115M Refi for Senior Housing Assets
These properties are located in two major East Coast markets.
AEW Capital Management has obtained $114.6 million for the refinancing of two senior housing communities in the Philadelphia and Washington, D.C., metros. Mesa West Capital provided the floating-rate loans.
Berkadia and Newmark negotiated on behalf of the borrower, while Mesa West Capital was represented in-house.
The two senior housing communities are Echo Lake in Malvern, Penn., and Modena Reserve at Kensington, in Kensington, Md. Both properties include assisted and independent living, as well as memory care units.
AEW Capital Management delivered Echo Lake in 2020, in a joint venture with Sage Senior Living Inc., which operated the community. Modena Reserve came online in 2021, in partnership with McCaffery Interests and Solera Senior Living.
Two recently delivered properties
Echo Lake is a five-story, 312,000-square-foot building at 900 N. Atwater Drive that includes 250 units measuring between 500 and 1,345 square feet, with a mix of studio, one- and two-bedroom residences.
The community’s two residential wings are connected through an amenity center that features a fitness center, multiple dining rooms, a rooftop pub, a sports lounge, salon and spa facilities and a movie theater. Additionally, Echo Lake also provides a medical center with a visiting physician’s office for its residents.
Totaling 167,823 square feet, Modena Reserve is a 135-unit senior housing community at 10540 Metropolitan Ave. The amenity package at the property features life enrichment programs, an art studio, a coffee shop, a fitness center, common-area lounges, a service bar, a massage suite and a beauty salon. Additional features include a theater, an outdoor courtyard with fire pits and walking trails and a visiting physician’s office.
Situated near Interstate 76, Echo Lake is 11 miles from King of Prussia, Penn., 27 miles from downtown Philadelphia and within 34 miles of Philadelphia International Airport. Modena Reserve is close to multiple train and bus stations, while being 5 miles from Bethesda, Md., 10 miles from downtown Washington, D.C., and within 23 miles of Ronald Reagan Washington National Airport.
Executive Director Matt Snyder, together with Vice President Brian Hahn and Analyst Boyd Howard, led negotiations on behalf of Mesa West Capital. Newmark Senior Managing Director Sarah Anderson and Analyst Nina del Pozo represented AEW Capital Management for the Echo Lake financing, while Berkadia’s team of Managing Directors Steve Muth and Austin Sacco, together with Assistant Vice President Alec Rosenfeld and Analyst Harris Inoff, led the negotiations for the Modena Reserve financing.
Last month, Harrison Street made a big purchase in the area: The company acquired a five-property senior housing portfolio totaling 743 units. The communities are located in Massachusetts, Maryland, New Jersey, Pennsylvania and Virginia. Harrison Street also landed a $252 million loan as part of its recapitalization plan for the portfolio.
