Developers Secure Financing To Break Ground On $75M Senior Living Project In Montgomery County
A new senior housing development is set to break ground soon in Kensington that the Montgomery County town's mayor says will be its largest project in over 40 years.
McCaffery and Solera Senior Living announced Thursday they established a partnership with AEW Capital Management and secured a construction loan from M&T Bank to break ground on the 135-unit Modena Reserve at Kensington.
The $75M project is expected to break ground this month on a 2-acre site at the intersection of Metropolitan Avenue and St. Paul Street and deliver in early 2021. The 167K SF building is planned to include a 10K SF courtyard, multiple restaurants, a wine bar, a café, a penthouse lounge and a fitness center.
The project represents the first foray into senior housing for McCaffery. Developers have become increasingly interested in the sector in recent years as millions of baby boomers reaching retirement age boost demand for senior living projects.
