BWE, a national commercial and multifamily mortgage banking company, announced the closing of a $40 million cash-out refinancing for Cogir of Glen Mills, a 173-unit Class A senior living community in Glen Mills, Pennsylvania. BWE arranged the financing on behalf of Harbert Management Corporation (“Harbert”) following the successful stabilization of the community.
Ryan Stoll, National Director of Seniors Housing and Care at BWE, and Taylor Mokris, Senior Vice President of Seniors Housing and Care, led the financing effort, which was provided by a regional commercial bank.
The non-recourse financing features five-years of term, three years of interest-only payments, a competitive floating interest rate, and full prepayment flexibility. BWE conducted a competitive financing process that generated multiple proposals from banks, debt funds, and life insurance companies.
Built in 2019, Cogir of Glen Mills offers 173 residences of independent living, assisted living, and memory care units. Located along Baltimore Pike in Delaware County’s Brandywine Valley, the community features a comprehensive amenity package including multiple dining venues, a fitness center, movie theater, art studio, rooftop deck, landscaped courtyards, and walking trails. The community benefits from its location within one of the Philadelphia MSA’s most affluent suburban markets.
Since acquiring the property in 2020, Harbert has successfully executed a comprehensive stabilization strategy. Building on that performance, management was recently transitioned to Cogir Senior Living – an institutional operator with a growing East Coast presence – expanding a strategic operating partnership with the Harbert seniors housing investment team. The community’s stabilized performance, institutional sponsorship, and high-quality physical plant drove significant lender interest and supported an attractive cash-out financing execution.
“This transaction highlights what a well-executed business plan and a strategic operator partnership can deliver in the capital markets,” said Mokris. “Harbert and its operating partnership executed, and the depth of the lender response validated both the quality of the asset and the market’s confidence in the Cogir operating platform. We were pleased to structure a financing that returns capital to the sponsor while positioning the asset well for its next phase.”