BWE Secures $40 Million Cash-Out Refinancing for Harbert Management Corporation at Glen Mills Senior Housing Community

BWE has secured a $40 million cash-out refinancing for Cogir of Glen Mills, a 173-unit Class A senior living community located at 52 Baltimore Pike in Glen Mills, Pennsylvania, on behalf of sponsor Harbert Management Corporation. The transaction was announced Aug. 19, 2026.

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. A regional commercial bank provided the loan.

Loan Structure and Capital Markets Process

The non-recourse financing carries a five-year term with three years of interest-only payments, a floating interest rate, and full prepayment flexibility. BWE ran a competitive financing process that generated multiple proposals from banks, debt funds, and life insurance companies before selecting the regional bank execution.

Property Overview: Cogir of Glen Mills

Built in 2019, Cogir of Glen Mills offers independent living, assisted living, and memory care across 173 residences in Delaware County's Brandywine Valley, one of the Philadelphia metropolitan area's more affluent suburban markets. The community features multiple dining venues, a fitness center, a movie theater, an art studio, a rooftop deck, landscaped courtyards, and walking trails.

Harbert Management Corporation acquired the property in 2020 and subsequently executed a stabilization strategy. Management was recently transitioned to Cogir Senior Living, an institutional operator with a growing East Coast presence, expanding a strategic operating partnership with Harbert's seniors housing investment team. The community had previously operated under earlier branding — including as Merrill Gardens at Glen Mills and The Summit at Glen Mills — before being rebranded as Cogir of Glen Mills.

Sponsorship and Operator Context

Harbert Management Corporation has been an active participant in the U.S. seniors housing investment market. The firm's seniors housing fund series raised approximately $510 million in equity commitments for U.S. seniors housing as of April 2020. In March 2026, Harbert announced the sale of a five-property seniors housing portfolio with an aggregate value of approximately $455 million, comprising properties acquired or developed between 2017 and 2023. The Glen Mills refinancing returns capital to the sponsor while keeping the asset positioned for its next phase.

Cogir Senior Living, the current operator, is expanding its U.S. platform with a focus on the East Coast. The operator transition at Glen Mills is part of a broader strategic partnership with Harbert's seniors housing investment team.

Market Implications

The transaction reflects selective lender appetite for well-sponsored, recently built senior housing assets with demonstrated occupancy and institutional operators. The depth of lender response — spanning banks, debt funds, and life insurers — underscored confidence in both the asset quality and the Cogir operating platform.

"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."

BWE is a national commercial and multifamily mortgage banking company operating across more than 40 offices.

Sources

BWE – BWE Secures $40 Million Cash-Out Refinancing for Cogir of Glen Mills