Harbert Management Corp Secures $40 Million Loan For 173-Unit Senior Housing In Glen Mills PA

The asset involved in this transaction is Cogir of Glen Mills, a senior housing community located at 52 Baltimore Pike in Glen Mills, Pennsylvania. The property comprises 173 units, representing a significant investment in senior living accommodations. Harbert Management Corp acquired this property for $45 million in 2020, and it has secured a loan amounting to $40 million for financing purposes.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $40,000,000
• Loan Terms: five-year, floating rate
• Landlord: Harbert Management Corp
• Broker: BWE
• Market: Glen Mills, PA

The deal involved several key stakeholders, with Harbert Management Corp. as the landlord and BWE as the broker who arranged the loan. An undisclosed regional bank provided the financing for this transaction, which reflects a strategic move in the senior housing sector.