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KENSINGTON, Md. — Berkadia has arranged a $47.4 million loan for Modena Reserve at Kensington, a 135-unit seniors housing community in Kensington, a suburb north of Washington, D.C.
The borrowers are Solera Senior Living, McCaffery and an institutional investor. A debt fund provided the capital.
Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare led the transaction. The three-year, nonrecourse loan features interest-only payments throughout the term. The loan refinances a maturing construction loan.
The community opened in late 2021 and reached stabilized occupancy within 24 months.