Berkadia Secures $47.4M in Financing for a 135-Unit Seniors Housing Community in Kensington, Maryland
KENSINGTON, MARYLAND – August 9, 2024 – Berkadia announced today the financing of Modena Reserve at Kensington, a 135-unit, seniors housing community in Kensington, Maryland. Managing Directors Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare secured a $47.4 million loan through a Debt Fund on behalf of the sponsors: A global real estate institutional investor, Solera Senior Living, and McCaffery. The deal closed on July 31.
The three-year non-recourse loan is interest-only throughout the term and refinanced the sponsor’s maturing construction loan. The community opened in late 2021 and reached stabilized occupancy within 24 months of opening. The highly amenitized Class A+ community features a maturely landscaped courtyard, restaurant with open kitchen, full-service bar, salon, massage suite, and a coffee shop that is open to the public.
“We were successful in introducing a new lending relationship to the sponsor team during a difficult time in the debt capital markets,” said Muth. “It’s an extraordinary community with a best-in-class sponsor team and we are delighted to be a part of the refinance.”
Located at 10540 Metropolitan Ave, the property affords convenient access to Downtown Washington, D.C., Walter Reed National Military Medical Center, and Woodmont Country Club. Modena Reserve at Kensington was built in 2021 and features 135-units with top-of-the-line amenities.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for even the most complex active adult, independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of investment sales, advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
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