BWE Secures Refi for Philly-Area Senior Community
This property comprises nearly 250 units serving various categories of residents.
ReNew REIT and Heritage Senior Living have received $57.8 million to refinance Keystone Villa at Douglassville, a 247-unit senior housing community in Douglassville, Penn. BWE secured the non-recourse, interest-only loan through a national bank.
At the time of closing, Keystone Villa at Douglassville was 92 percent occupied. The Class A property comprises a 123-unit independent living facility built in 2015 and a 125-unit assisted living and memory care facility, which came online back in 2011.
The unit mix features studio, one- and two-bedroom floorplans ranging between 310 and 1,018 square feet. Common-area amenities include a movie theater, a library, a bakers’ club, activity rooms, private dining rooms, a landscaped courtyard, outdoor patios and walking trails.
READ ALSO: Why the Future in Senior Housing Is All About Health, Affordability
Services provided include housekeeping, laundry, maintenance, case management, concierge and transportation, restaurant style dining, assistance with daily tasks, on-site therapy, pharmacy services, medication management, individual care physician visits.
Located at 1152 Ben Franklin Highway, Keystone Villa at Douglassville is less than 1 mile from the city center and near Schuylkill River.
BWE Seniors Housing and Care National Director Ryan Stoll and Senior Vice President Taylor Mokris secured the financing for the joint venture.
Financing senior housing
Since 2021, BWE has arranged north of $1 billion in financing for senior housing and skilled nursing facilities across the U.S.
Back in July, the firm secured a $47 million loan on behalf of Discovery Senior Living to refinance a 219-unit independent living, assisted living and memory care community in Richmond, Va. Stoll and Mokris worked on that deal as well.
BWE also recently arranged $75.4 million in financing for seven multifamily properties across California’s Contra Costa, Santa Clara and Los Angeles counties. Of the total, two were senior housing communities.
