Berkadia has announced the successful financing of Modena Reserve at Kensington, a premier senior housing community in Kensington, Maryland. The 135-unit property was financed through a $47.4 million loan secured by Managing Directors Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare on behalf of the sponsors: Solera Senior Living, McCaffery, and a global real estate institutional investor.
The three-year non-recourse loan offers interest-only payments throughout its term and served as a refinancing for the sponsor’s previous construction loan. “Despite challenging conditions in the debt capital markets, we were able to establish a new lending relationship for our sponsors,” said Muth. “Modena Reserve at Kensington is an exceptional community with top-notch amenities and an outstanding sponsor team; we are thrilled to be part of this refinancing.”
Conveniently located at 10540 Metropolitan Ave., Modena Reserve provides easy access to downtown Washington D.C., Walter Reed National Military Medical Center, and Woodmont Country Club. Built in 2021 with high-end features and services available for residents’ enjoyment.
This announcement was originally published by Connect CRE.
