AEW Capital Management has secured $114.6 million in first mortgage debt across two loans to refinance senior housing communities in the Philadelphia and Washington, D.C., metros. The floating rate loans were secured by Echo Lake in Malvern, Penn., and Modena Reserve at Kensington, in Kensington, Md. Mesa West Capital provided the loans.
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, 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-foot building. The two residential wings are connected by a central amenities space that includes a health and medical center with a visiting physician’s office, fitness center, multiple dining rooms, rooftop pub, sports simulation lounge, movie theater, and salon and spa.
Modena Reserve is a 135-unit community located at 10540 Metropolitan Av
