Dealmaker: BWE Secures $40M for Pennsylvania Senior Living Community

(Illustration courtesy of BWE)

BWE, Cleveland, closed a $40 million cash-out refinancing for Cogir of Glen Mills, a Class A senior living community in Glen Mills, Pa.

Ryan Stoll, National Director of Seniors Housing and Care at BWE, and Taylor Mokris, Senior Vice President of Seniors Housing and Care, led the financing effort. A regional commercial bank provided the financing.

BWE arranged the financing on behalf of Harbert Management Corp. The non-recourse five-year financing included three years of interest-only payments, a floating interest rate and full prepayment flexibility.

Built in 2019, Cogir of Glen Mills offers 173 residences of independent living, assisted living and memory care units. Located along Baltimore Pike in Delaware County’s Brandywine Valley, the property sits within one of the Philadelphia MSA’s most affluent suburban markets.

Since acquiring the property in 2020, Harbert has executed a comprehensive stabilization strategy. Building on that performance, management was recently transitioned to Cogir Senior Living, an institutional operator with a growing East Coast presence, expanding a strategic operating partnership with the Harbert seniors housing investment team. The community’s stabilized performance, institutional sponsorship, and high-quality physical plant drove significant lender interest and supported an attractive cash-out financing execution.

“This transaction highlights what a well-executed business plan and a strategic operator partnership can deliver in the capital markets,” Mokris said. “Harbert and its operating partnership executed, and the depth of the lender response validated both the quality of the asset and the market’s confidence in the Cogir operating platform.”