Dealmaker: BWE Secures $308M to Refinance Two Senior Living Communities

(Illustrations of The Variel courtesy of BWE)

BWE, Cleveland, arranged $308 million to refinance two senior living communities in Los Angeles and Philadelphia.

The refinancing was secured for The Variel at Woodland Hills in Los Angeles and The 501 at Mattison Estate located in Upper Dublin Township, Ambler, Pa.

The financing was arranged on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners.

Ryan Stoll, National Director of Seniors Housing and Care at BWE and Taylor Mokris, Senior Vice President of Seniors Housing and Care, arranged the transaction. A large global lender supplied the financing.

Located in Woodland Hills, Calif., The Variel is a 336-unit luxury senior living community offering independent living, assisted living, and memory care across over 270,000 net rentable square feet. Opened in July 2022, the property has experienced rapid lease-up, reaching 90%+ occupancy well ahead of projections.

The 501 at Mattison Estate

Located in Ambler, Pa., The 501 at Mattison Estate is a 250-unit independent living, assisted living, and memory care community with more than 200,000 net rentable square feet. The property opened in June 2022 and reached 95-plus percent occupancy ahead of its proforma underwriting.