GLEN MILLS, Pa. — BWE has secured a $40 million cash-out refinancing for Cogir of Glen Mills, a community located about 30 miles west of Philadelphia in Glen Mills. Harbert Management Corp. is the borrower.
Ryan Stoll and Taylor Mokris of BWE arranged the financing through a regional commercial bank on behalf of Harbert.
Built in 2019, the community totals 173 units, with independent living, assisted living and memory care residences. Amenities at the property include multiple dining venues, a fitness center, movie theater, art studio, rooftop deck, landscaped courtyards and walking trails.
Harbert acquired the community in 2020 and execute a stabilization strategy.
“This transaction highlights what a well-executed business plan and a strategic operator partnership can deliver in the capital markets,” says Mokris.