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Harrison Street, Harbert To Develop Two Communities In California, Maryland

PASADENA, Calif. and POTOMAC, Md. — Harrison Street Asset Management and Harbert Management Corp.’s South Bay division have formed a joint venture to develop two seniors housing communities. The properties will be located in Pasadena, California, and Potomac, Maryland.

The Palmer in Pasadena and The Belle Mare in Potomac will total 80 and 94 units, respectively.

PNC Bank provided construction financing for the developments. Momentum Senior Living will manage the communities upon completion.

“Demand for high-quality senior housing continues to outpace supply across the country, a trend expected to accelerate as the US population aged 80 and older reaches record levels,” says Rob Korslin, co-head of North America Transactions at Harrison Street. “We believe Pasadena and Potomac are two communities with growing needs.”

Harbert South Bay specializes in the development of Class A seniors housing properties. Since its inception, Harbert South Bay has developed more than 11,000 senior living units across 84 projects.

Global alternative investment management firm Harrison Street Asset Management currently has $110 billion in assets under management across real estate, infrastructure and credit strategies.

The post Harrison Street, Harbert to Develop Two Communities in California, Maryland appeared first on Seniors Housing Business.

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Harrison Street, Harbert To Develop Two Communities In California, Maryland

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