Berkadia’s Steve Muth and Austin Sacco arranged the refinance of a 135-unit seniors housing community in Kensington, Maryland. Modena Reserve at Kensington was opened in December 2021 in an affluent area with 62 independent living, 47 assisted living and 26 memory care units. The high-end, resort-style community also includes fine dining, a bistro and lounge, an art studio, full-service salon and spa, a theater, full-service bar, fitness centers, and an outdoor courtyard including walking paths, fire pits, and more.
Solera Senior Living operates the community, which helped the community reach stabilized occupancy within two years of opening. The owners, including Solera, McCaffery and a global real estate institutional investor, obtained a $47.4 million loan through a debt fund. The three-year, non-recourse loan is interest only throughout the term and refinance the owner’s maturing construction loan.
