At a glance
- Terms of the equity partnership were not disclosed.
- For allocators, the 174 units equal less than 0.4% of the 46,000 senior housing units Harrison Street has invested in since inception, according to Connect CRE.
- Harbert South Bay has developed more than 11,000 senior housing units across 84 projects, at a cost of $1.8 billion, and partners exclusively with Momentum Senior Living on every project in its portfolio, according to Connect CRE.
Harrison Street Asset Management and Harbert Management Corporation's South Bay investment team formed a joint venture to develop two senior housing communities, in Pasadena, California, and Potomac, Maryland.
PNC Bank is providing construction financing for both, and the two projects total 174 units: 80 at The Palmer in Pasadena and 94 at The Belle Mare in Potomac. Terms of the equity partnership were not disclosed. Added to projects already underway, the two lift Harbert South Bay's active construction portfolio above 800 units, according to Connect CRE.
For allocators, the 174 units equal less than 0.4% of the 46,000 senior housing units Harrison Street has invested in since inception, according to Connect CRE.
Harbert South Bay has developed more than 11,000 senior housing units across 84 projects, at a cost of $1.8 billion, and partners exclusively with Momentum Senior Living on every project in its portfolio, according to Connect CRE. Harrison Street is the largest private owner of senior housing in the U.S., with $16 billion invested across 46,000 units since inception.
On Oct. 23, as Private Real Estate Daily previously reported, Harrison Street and CP Group sold a Boca Raton office property for $78.9 million.
Reported by the Deals desk from Connect CRE. Published . Corrections