KENSINGTON, MARYLAND – August 8, 2024 – Berkadia announced today the financing of Modena Reserve at Kensington, a 135-unit, seniors housing community in Kensington, Maryland. Managing Directors Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare secured a $47.4 million loan through a Debt Fund on behalf of the sponsors: A global real estate institutional investor, Solera Senior Living, and McCaffery. The deal closed on July 31.
The three-year non-recourse loan is interest-only throughout the term and refinanced the sponsor’s maturing construction loan. The community opened in late 2021 and reached stabilized occupancy within 24 months of opening. The highly amenitized Class A+ community features a maturely landscaped courtyard, restaurant with open kitchen, full-service bar, salon, massage suite, and a coffee shop that is open to the public.
“We were successful in introducing a new lending relationship to the sponsor team during a difficult time in the debt capital markets,” said Muth. “It’s an extraordinary community with a best-in-class sponsor team and we are delighted to be a part of the refinance.”
Located at 10540 Metropolitan Ave, the property affords convenient access to Downtown Washington, D.C., Walter Reed National Military Medical Center, and Woodmont Country Club. Modena Reserve at Kensington was built in 2021 and features 135-units with top-of-the-line amenities.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
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