McCaffery and Solera Senior Living to Develop $75M Project in Kensington, Maryland

August 21, 2019, D.C.: McCaffery and Solera Senior Living announce today that they have

established a joint venture with AEW Capital Management to develop a new senior living

community in Kensington, Maryland. The joint venture also announces that it has closed on

construction financing from M&T Bank. Construction on the 167,000-square-foot project,

Modena Reserve at Kensington, is scheduled to commence in August 2019 and is expected to

be ready for residents by early 2021.

The two-acre site, located at the intersection of Metropolitan Avenue and St. Paul Street,

will offer 135 upscale senior living apartments and a café. The project will implement the latest

sustainable design and construction practices and will target LEED® Certified designation.

“This is the largest project the town has had in over 40 years,” says Mayor Tracey

Furman. Mayor Furman has been an advocate for the project since the proposal and is

particularly pleased with the development’s inclusion of two Kensington historic buildings. “We

look forward to welcoming our new residents and Solera employees to our town!” The project is

expected to create over 90 new jobs by project stabilization.

“We are delighted to have reached an agreement with Mayor Furman and the town of

Kensington to bring a development of this quality to benefit the area’s seniors,” says Dan

McCaffery.

While this is McCaffery’s first foray into developing senior housing, the developer has

completed major projects in Chicago, Denver, Pittsburgh and the D.C. area, notably The Market

Common, Clarendon and Verde Pointe in Arlington, Virginia and F1RST Residences in

Washington D.C. Solera Senior Living is an experienced and progressive operator, with a total

of nine properties across the country, each of them offering a continuum of sophisticated

independent, assisted, and memory care senior housing.

The Modena Reserve at Kensington will feature contemporary hospitality-inspired

designs, progressive health and wellness-driven amenities, open floor plans, and innovative

resident-centric technologies. Residents can look forward to a 10,000-square-foot courtyard,

multiple restaurant venues, a full-service wine bar, a wellness center with a therapy gym and a

fitness studio, and a luxurious penthouse lounge. Additionally, the project team has integrated

two historic buildings into the design which will feature a coffee shop that will be open to the

neighborhood.