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Harrison Street Asset Management, Harbert Management Corporation Form Seniors Housing Partnership
Harrison Street Asset Management and Harbert Management Corporation’s South Bay investment team have announced a joint venture to develop two senior housing communities in Pasadena, California and Potomac, Maryland.
The Palmer in Pasadena and The Belle Mare in Potomac are designed to add 80 and 94 units to their respective communities. Together with projects already under construction, they bring Harbert South Bay’s active construction portfolio to over 800 units. Construction financing for the two communities is being provided by PNC Bank.
“We are excited to begin construction on both projects, alongside a great partner in Harrison Street, as we continue to deliver distinctive communities designed to meet demand in attractive, supply-constrained markets,” said Patrick McGonigle, CEO of Harbert South Bay.
Harbert South Bay is partnering exclusively with Momentum Senior Living on all projects in its portfolio. Harbert South Bay has developed more than 11,000 senior housing units across 84 projects, comprising $1.8 billion in cost. Harrison Street is the largest private owner of senior housing properties in the U.S., having invested $16 billion across 46,000 units since the firm’s inception.
