BWE Arranges $308M Refi for Senior Living Communities
These assets offer independent living, assisted living and memory care services.
National commercial and multifamily mortgage banking company BWE has secured $308 million to refinance a pair of senior living communities, one in the Philadelphia area, the other in Los Angeles. The financing was arranged on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbart South Bay Partners.
The two properties are The 501 at Mattison Estate, located in the Philadelphia suburb of Upper Dublin Township, in Ambler, Pa., and The Variel at Woodland Hills in Los Angeles.
“The challenge was educating an expanding pool of lenders — including banks, funds, asset managers and insurance companies — who are increasingly evaluating senior housing as a strategic asset class,” Taylor Mokris, BWE’s senior vice president of seniors housing and care told Multi-Housing News.
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“Many still hold perceived risk biases stemming from the pandemic, inflation and rising interest rates. We overcome that with our team’s robust knowledge of senior housing industry, the cash flow durability of these assets, continued upside in performance and values and robust support from a top-tier ownership group with a superb track record of through-the-cycle execution.”
The 501 at Mattison Estate
This 250-unit community features independent and assisted living as well as memory care in a community encompassing more than 200,000 net rentable square feet.
The 501 opened in June 2022, is more than 95 percent occupied and has a more than 60-person waiting list for most unit types, far exceeding its proforma underwriting. Common-area amenities include a fitness center, art studio, courtyards with grills and fire pits, a dedicated dog park, two movie theaters and a yoga studio.
Also in Philadelphia, Keystone obtained $42 million in financing for the office-to-residential conversion of a 175,00-square-foot property in nearby Plymouth Meeting, Pa., with Arbor Realty Trust issuing the debt.
The Variel at Woodland Hills
The Variel is a 336-unit community that offers independent and assisted living as well as memory care in more than 270,000 net rentable square feet. It opened in July 2022 and has reached 90 percent lease up ahead of expectations.
In November of last year, BWE landed $75 million for the refinancing of seven multifamily communities located in Southern California.
