WOODLAND HILLS, CALIF AND AMBLER, PA. — BWE, a Cleveland-based commercial real estate financial services firm, has arranged the $308 million refinancing for a pair of seniors housing properties in the Los Angeles and Philadelphia metro areas. The financing was structured as a single transaction on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners. Momentum Senior Living operates both properties.
Located in the northwest Los Angeles neighborhood of Woodland Hills, The Variel is a 336-unit community that offers independent living, assisted living and memory care services, as well as a range of amenities and wellness programs. The 270,000-square-foot (net rentable) community opened in July 2022 and was more than 90 percent occupied at the time of the loan closing.
Located in the northern Philadelphia suburb of Ambler, Pa., The 501 at Mattison Estate is a 250-unit community that also offers independent living, assisted living and memory care services. Spanning approximately 200,000 net rentable square feet, the property opened in June 2022 and was 95 percent occupied at the time of loan closing. Amenities at The 501 at Mattison Estate include an art studio, courtyards with lounges and grills, a dog park, fitness center, pool, movie theaters and multiple dining venues.
Ryan Stoll and Taylor Mokris of BWE arranged the financing through an undisclosed global lender that is making its foray into the seniors housing space. The transaction was internally known as “Project New Horizons.”
“Both The Variel and The 501 exemplify the future of senior living and underscore the strength of the senior living sector,” says Stoll. “These communities are charting new paths of success for our industry, and we are honored to have represented this top-tier ownership group and two of the best communities in the nation in the debt markets.”
— Taylor Williams