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AcquisitionsAssisted LivingMarylandMemory CareNews

Solera Acquires Assisted Living, Memory Care Property in Bethesda, Maryland

by Hayden Spiess

BETHESDA, Md. — Solera Senior Living has acquired Brightview Bethesda Woodmont, an assisted living and memory care community located in Bethesda. Brightview Senior Living was the seller.  Solera will rebrand the community, which totals 113 units across eight stories, as Modena Reserve at Bethesda.  Amenities at the property include rooftop decks, a formal dining room, upscale pub, multipurpose room for entertainment and gatherings, private dining room, library, fitness center, beauty and barber shop, movie theater and 24-hour concierge services. Solera also plans to reopen the community’s café, which will feature craft-brewed …

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Legal IssuesMarylandNews

Maryland Legislator Proposes Bill Requiring Video Surveillance in Assisted Living, Nursing Home Facilities

by Hayden Spiess

ANNAPOLIS, Md. — Maryland legislators have proposed a bill — HB576 — that would require video surveillance within assisted living and nursing home facilities in the state, with the aim of detecting abuse, neglect and exploitation of residents. This follows several incidences of mistreatment in Maryland.  Under the legislation, operators would be required to install and maintain video surveillance equipment within facility common areas. Private spaces and areas where residents receive medical care or nursing services would be exempt from surveillance requirements.  According to the Maryland General Assembly’s website, the bill …

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Assisted LivingFinanceMarylandMemory CareNews

Colliers Arranges $10.4M Refinancing for Community in Parkville, Maryland

by Hayden Spiess

PARKVILLE, Md. — Colliers, in partnership with Health Financing Consultants, has arranged a $10.4 HUD loan for the refinancing of a senior living community located in Parkville. Charter Senior Living is the borrower.  Totaling 64 units, the property — The Cottages of Perry Hall — features assisted living and memory care residences. Amenities at the community include full-service dining, housekeeping, activity rooms, a salon and landscaped courtyards.  Christopher Fenton and Catherine Eby of Colliers Mortgage secured the financing, which carries a 35-year term, on behalf of the borrower. 

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AcquisitionsIllinoisMarylandMassachusettsNewsPennsylvania

Harrison Street Sells 1,186-Unit Seniors Housing Portfolio to Morgan Stanley 

by Hayden Spiess

CHICAGO — Investment management firm Harrison Street has sold a 1,186-unit seniors housing portfolio to Morgan Stanley Real Estate Investing (MSREI), the private real estate investment arm of Morgan Stanley Investment Management.  Originally acquired by Harrison Street in a joint venture partnership with Brightview Senior Living in 2014, the portfolio comprises eight communities located in the Baltimore, Philadelphia and Boston-Providence metros.  Jay Wagner, Rick Swartz, Aaron Rosenzweig, Tim Hosmer and Sean Kirk of JLL National Seniors Housing Capital Markets brokered the sale on behalf of Harrison Street. Allison Holland and Alex …

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AcquisitionsFinanceFloridaMarylandNewsSkilled Nursing

CFG Provides $207.1M Bridge-to-HUD Loan for Skilled Nursing Portfolio in Florida

by Hayden Spiess

BALTIMORE — Capital Funding Group (CFG) has provided a $207.1 million bridge-to-HUD loan to 980Investments to support the partnership buyout of a portfolio of skilled nursing facilities in Florida. Together, the facilities total 1,423 beds across 13 properties. Additionally, Capital Finance LLC, a subsidiary of CFG Bank, provided $15 million in accounts receivable financing to support the working capital needs of the facilities.  Andrew Jones and Ava Julio of Baltimore-headquartered CFG originated the bridge-to-HUD loan, and Jeffrey Stein of Capital Finance originated the accounts receivable working capital line of credit. 

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Gardens of Annapolis in Annapolis, Maryland
AcquisitionsActive AdultMarylandNews

Berkadia Arranges Sale of Active Adult Property in Annapolis, Maryland; Secures $17.4M in Financing

by Channing Hamilton

ANNAPOLIS, Md. — Berkadia Seniors Housing & Healthcare has brokered the sale of Gardens of Annapolis, an active adult community located in the upscale coastal city of Annapolis. The brokerage firm also secured $17.4 million in acquisition financing through Fannie Mae on behalf of the buyer, a joint venture between Corten Real Estate and Real Asset Industries. The seller was Crow Holdings, a Texas-based real estate investment and development firm.  The seven-year, fixed-rate acquisition loan provided to the joint venture features both an attractive interest rate and interest-only period, according to …

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Modena Reserve in Washington, D.C.
Assisted LivingFinanceIndependent LivingMarylandMemory CareNewsPennsylvaniaWashington, D.C

Mesa West Provides $114M in First-Mortgage Debt to Refinance Two Seniors Housing Communities in suburbs of Philadelphia, Washington, D.C.

by Channing Hamilton

MALVERN, Pa., and KENSINGTON, Md. — Mesa West Capital has provided AEW Capital Management LP with $114.6 million in first-mortgage debt across two loans to refinance the seniors housing communities of Echo Lake in Malvern and Modena Reserve at Kensington in Kensington. Terms of the loans were not disclosed. AEW delivered the 250-unit Echo Lake to the market in 2020 alongside joint venture partner Sage Senior Living Inc., which operates the community. Located about 27 miles northwest of Philadelphia in Malvern, Echo Lake offers a mix of independent and assisted …

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FinanceIndependent LivingMarylandNews

Enterprise Community Development Secures $116.4 Million in Financing for Three Affordable Housing Properties in Maryland

by Channing Hamilton

BALTIMORE AND ANNAPOLIS, MD. — Enterprise Community Development Inc. has secured $116.4 million in financing for three affordable housing communities in Maryland. The three communities are The Greens at Irvington Mews II and Park Heights Place, both located in Baltimore, and College Parkway Place in Annapolis. The Greens at Irvington Mews II is a 59-unit community for independent seniors. The project is currently underway and is slated to complete in October 2025. Of the property’s total unit count, 47 residences will be set aside for residents earning up to 50 percent …

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DevelopmentMarylandNews

Kisco Opens 302-Unit The Carnegie at Washingtonian Center in Gaithersburg, Maryland

by Jeff Shaw

GAITHERSBURG, Md. — Kisco Senior Living has opened The Carnegie at Washingtonian Center, a seniors housing community in Gaithersburg, approximately 20 miles northwest of Washington, D.C. Located adjacent to the city’s bustling Washingtonian Center area, the property offers 302 one- and two-bedroom units of independent living, assisted living and memory care. The building rises seven stories on 8.5 acres.

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FinanceMarylandNews

Berkadia Arranges $47.4M Financing for Modena Reserve at Kensington in Maryland

by Jeff Shaw

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.

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