BWE, a national commercial and multifamily mortgage banking company, is pleased to announce the closing of a $37 million permanent loan through Fannie Mae for Harmony at Southridge, a premier senior living community located in Charleston, West Virginia. The financing was arranged on behalf of the sponsor, Smith-Packett, Wessex Capital and operator, Harmony Senior Services.
Ryan Stoll, National Director of Seniors Housing and Care at BWE, and Taylor Mokris, Senior Vice President of Seniors Housing and Care, led the execution of the loan, which features a 10-year term, 5 years interest only period, and an extremely competitive fixed interest rate.
“This financing reflects the strength of Smith-Packett and Wessex Capital as a fully integrated developer/owner/operator/long term holder of their communities.” said Stoll. “We are proud to support their continued execution of their business plan and portfolio management.”
Opened in 2020, Harmony at Southridge is a purpose-built, Class-A community offering Independent Living, Assisted Living, and Memory Care. The property includes the largest apartments in the local market and a robust suite of amenities, such as chef-prepared dining, a therapy gym, a movie theater, a beauty salon, a library, concierge services, and a secure memory care neighborhood.
Strategically located in Charleston’s Southridge submarket, the community benefits from close proximity to retail, healthcare, and recreational amenities. In response to shifting demand, the sponsor converted 12 Independent Living units to Assisted Living in late 2024, improving unit mix and operational flexibility. The community’s strong lease-up performance and high-quality construction supported favorable loan terms.