BWE arranged $308 million to refinance construction debt on two seniors housing communities on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners. Ryan Stoll and Taylor Mokris arranged the financing through an exclusive competitive process, which generated unprecedented interest and industry leading financing terms. The loan was ultimately provided by a large global lender, marking its entry into seniors housing. Dubbed Project New Horizons, the refinancing was secured for The Variel at Woodland Hills in Los Angeles, California, and The 501 at Mattison Estate in Ambler, Pennsylvania.
Built in 2022, The Variel comprises 336 independent living, assisted living and memory care units. The community experienced rapid lease-up, reaching more than 90% occupancy well ahead of projections. It is operated by Momentum Senior Living.
Built in 2022, The 501 features 250 independent living, assisted living and memory care units. The community exceeded lease-up expectations, reaching more than 95% with more than 60 people on the waitlist for most unit types, well ahead of its proforma underwriting. It is also operated by Momentum.
