Berkadia announced today the financing of Modena Reserve at Kensington, a 135-unit, seniors housing community in Kensington, Maryland. Managing Directors Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare secured a $47.4 million loan through a Debt Fund on behalf of the sponsors: A global real estate institutional investor, Solera Senior Living, and McCaffery.

The three-year non-recourse loan is interest-only throughout the term and refinanced the sponsor’s maturing construction loan. “We were successful in introducing a new lending relationship to the sponsor team during a difficult time in the debt capital markets,” said Muth. “It’s an extraordinary community with a best-in-class sponsor team and we are delighted to be a part of the refinance.”

Located at 10540 Metropolitan Ave, the property affords convenient access to downtown Washington, D.C., Walter Reed National Military Medical Center, and Woodmont Country Club. Modena Reserve at Kensington was built in 2021 and features top-of-the-line amenities.