Echo Lake
LOS ANGELES – Oct. 3, 2024 – PRLog — Mesa West Capital has provided AEW Capital Management L.P., (“AEW”) with $114.6 million in first mortgage debt across two loans to refinance senior housing communities in the Philadelphia and Washington, DC metros. The floating rate loans were secured by Echo Lake in Malvern, PA, and Modena Reserve at Kensington, in Kensington, MD.
Echo Lake is a 250-unit community located at 900 N. Atwater Drive. AEW delivered it to market in 2020 alongside joint venture partner Sage Senior Living, Inc., which operates the community. Echo Lake offers a mix of independent and assisted living and memory care units in a five-story 312,000-square-
Modena Reserve is a 135-unit community located at 10540 Metropolitan Avenue. AEW delivered it to market in 2021 with joint venture partners McCaffery Interests and Solera Senior Living, which oversees community operations. The 167,823-square-
Both communities are located in suburban markets exhibiting excellent market fundamentals for seniors housing such as above average per capita income, strong median home values and a growing senior population. Citing U.S. Census Bureau statistics, Axios reported that the Philadelphia area’s 65+ population grew by 95,000 residents between 2020 and 2023, an increase of 9.3%. During that same period the change in population of persons 65+ in the Washington, DC area increased 12% from 835,000 to 935,000. (https://www.axios.com/
“Philadelphia and DC demonstrate the growth of the aging population across the United States, which has created a massive demand tailwind for quality senior housing and services. Yet despite demographic evidence, the senior living industry has experienced decelerating supply growth since the onset of the pandemic,” said Mesa West Executive Director Matt Snyder, who led the origination team along with Vice President Brian Hahn and Analyst Boyd Howard out of the private lender’s Chicago and New York offices. “Against this backdrop, the strength and experience of sponsorship, the quality of construction and the level of services position Echo Lake and Modena Reserve to perform very well against the competitive set in their respective markets.”
The Echo Lake financing was arranged by Senior Managing Director Sarah Anderson and Analyst Nina del Pozo of Newmark’s Dallas office. The Modena Reserve financing was arranged 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 leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add or transitional properties throughout the United States. Mesa West’s lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 300 transactions totaling over $20 billion.
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