Berkadia announced today the financing of Modena Reserve at Kensington, a 135-unit, seniors housing community in Kensington, Maryland. Managing Directors Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare secured a $47.4 million loan through a Debt Fund on behalf of the sponsors: A global real estate institutional investor, Solera Senior Living, and McCaffery.

The three-year non-recourse loan is interest-only throughout the term and refinanced the sponsor’s maturing construction loan. “We were successful in introducing a new lending relationship to the sponsor team during a difficult time in the debt capital markets,” said Muth. “It’s an extraordinary community with a best-in-class sponsor team and we are delighted to be a part of the refinance.”

Located at 10540 Metropolitan Ave, the property affords convenient access to downtown Washington, D.C., Walter Reed National Military Medical Center, and Woodmont Country Club. Modena Reserve at Kensington was built in 2021 and features top-of-the-line amenities.

Wigeon Capital has sold Greenfield 27, a three-building, 260,000-square-foot Class A industrial park in Garner, N.C., for a combined $47.3 million. Cushman & Wakefield and NAI Tri Properties negotiated the deal on behalf of the seller and developer.

Greenfield 27 consists of Building 1, at 600 S. Greenfield Parkway, and Buildings 2 and 3, at 4101 and 4501 Waterfield Drive. All three properties came online in 2023.

Wake County Board of Alcoholic Beverage Control acquired the 160,380-square-foot Building 1 for $27.5 million. According to CommercialEdge, Foxfield Real Estate purchased the 57,600-square-foot Building 2 and the 44,800-square-foot Building 3 for $19.8 million. Principle Financial Group originated a $11.8 million acquisition loan with a maturity date set for 2028.

Additionally, both industrial properties are fully leased.

Cushman & Wakefield’s Net Lease Group team that worked on behalf of the seller includes Christopher Sheldon, Doug Longyear and Andy Bogardus, while NAI Tri Properties’ Jimmy Barnes also assisted in both transactions.