Echo Lake
LOS ANGELES – Oct. 3, 2024 – PRLog — Mesa West Capital has supplied AEW Capital Administration L.P., (“AEW”) with $114.6 million in first mortgage debt throughout two loans to refinance senior housing communities within the Philadelphia and Washington, DC metros. The floating price loans have been secured by Echo Lake in Malvern, PA, and Modena Reserve at Kensington, in Kensington, MD.
Echo Lake is a 250-unit neighborhood positioned at 900 N. Atwater Drive. AEW delivered it to market in 2020 alongside three way partnership accomplice Sage Senior Dwelling, Inc., which operates the neighborhood. Echo Lake presents a mixture of unbiased and assisted residing and reminiscence care items in a five-story 312,000-square-
Modena Reserve is a 135-unit neighborhood positioned at 10540 Metropolitan Avenue. AEW delivered it to market in 2021 with three way partnership companions McCaffery Pursuits and Solera Senior Dwelling, which oversees neighborhood operations. The 167,823-square-
Each communities are positioned in suburban markets exhibiting wonderful market fundamentals for seniors housing similar to above common per capita revenue, sturdy median house values and a rising senior inhabitants. Citing U.S. Census Bureau statistics, Axios reported that the Philadelphia space’s 65+ inhabitants grew by 95,000 residents between 2020 and 2023, a rise of 9.3%. Throughout that very same interval the change in inhabitants of individuals 65+ within the Washington, DC space elevated 12% from 835,000 to 935,000. (https://www.axios.com/
“Philadelphia and DC exhibit the expansion of the getting old inhabitants throughout the USA, which has created an enormous demand tailwind for high quality senior housing and providers. But regardless of demographic proof, the senior residing business has skilled decelerating provide progress because the onset of the pandemic,” mentioned Mesa West Govt Director Matt Snyder, who led the origination group together with Vice President Brian Hahn and Analyst Boyd Howard out of the non-public lender’s Chicago and New York workplaces. “In opposition to this backdrop, the power and expertise of sponsorship, the standard of development and the extent of providers place Echo Lake and Modena Reserve to carry out very effectively in opposition to the aggressive set of their respective markets.”
The Echo Lake financing was organized by Senior Managing Director Sarah Anderson and Analyst Nina del Pozo of Newmark’s Dallas workplace. The Modena Reserve financing was organized by Managing Director Steve Muth, Managing Director Austin Sacco, AVP Alec Rosenfeld and Analyst Harris Inoff.
About Mesa West Capital, LLC
Mesa West Capital (http://www.mesawestcapital.com) is a number one industrial actual property debt fund supervisor and portfolio lender. With workplaces in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of many main suppliers of economic actual property debt since its founding in 2004. Mesa West offers non-recourse first mortgage loans for core/core-plus, value-add or transitional properties all through the USA. Mesa West’s lending portfolio consists of all main property varieties with mortgage sizes starting from $20 million as much as $400 million. Since inception, the agency has sourced and closed greater than 300 transactions totaling over $20 billion.
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