Dealmaker: BWE Secures $47M From Mesa West to Refinance Richmond, Va., Senior Living Community

(Illustration courtesy of BWE)

BWE, Cleveland, secured $47 million from Mesa West Capital, Los Angeles, to refinance Discovery Village at the West End in Richmond, Va.

Discovery Village at the West End is a 219-unit Class A independent living, assisted living and memory care community.

Ryan Stoll, national director of Seniors Housing and Care at BWE, and Taylor Mokris, senior vice president of Seniors Housing and Care, arranged the financing.

The senior living sector is projected to remain strong with high single-digit market revenue per available foot growth in 2024 driven by 3.0% occupancy growth and 5.0% rent increases, according to Green Street, Newport Beach, Calif.

“As an asset class, senior living continues to attract significant institutional investment due in large part to the aging of the baby boom generation,” Mesa West Capital Executive Director Matthew Snyder noted. He led the origination team, which included Vice President Brian Hahn and Analyst Boyd Howard.  “Discovery Village at the West End is a reflection of that demographic trend, and we plan to be an active lender in the space.”

Discovery Village at the West End, located on one contiguous campus at 9801 Harmony Woods Way & 2422 University Boulevard, includes a 124-unit independent living building and a 95-unit assisted living and memory care building. Discovery Senior Living manages the property, which was 93% occupied as of the time of the refinancing.