Harrison Street, Harbert Form Senior Housing Venture

The joint venture will develop two senior housing communities in Pasadena, California, and Potomac, Maryland, with PNC Bank providing construction financing.

Updated on Nov. 2, 2026 in Seniors

Isometric editorial illustration of a low-rise residential building with warm wood balconies and a plain facade, evoking new senior housing development. — Harrison Street Asset Management and Harbert South Bay formed a joint venture to build two senior housing communities, with PNC Bank providing construction financing for the projects in Pasadena and Potomac. AI Illustration. Upload story photo >

Harrison Street Asset Management and Harbert South Bay have formed a joint venture to develop two senior housing communities. The Palmer in Pasadena, California, is designed to add 80 units, and The Belle Mare in Potomac, Maryland, is designed to add 94 units.

Why it matters

The partnership adds capacity to the senior housing market across the United States, where new communities are designed to serve older residents needing housing and care options. PNC Bank's construction financing supports the development of both projects.

The two communities are designed to add 80 units in Pasadena and 94 units in Potomac, bringing Harbert South Bay's active construction portfolio to more than 800 units. Construction timelines and opening dates have not been announced.

The players

Harrison Street Asset Management

Harrison Street Asset Management is an investment firm that manages real estate and alternative assets, and it is a partner in this senior housing joint venture.

Harbert South Bay

Harbert South Bay is the investment team of Harbert Management Corp. focused on developing and managing senior housing communities.

PNC Bank

PNC Bank is a major U.S. financial institution providing construction financing for the two senior housing developments.

The details

Harrison Street Asset Management and Harbert Management Corp.'s South Bay investment team formed the joint venture to develop the two communities. Harbert South Bay already has projects under construction in Irvine and Dublin, California, and Dallas.

Nov. 2, 2026: Joint venture announcement published.

Market Landscape

Institutional investors such as Harrison Street have increasingly backed senior housing as a real estate asset class in the United States. This joint venture extends that pattern, pairing a private investment manager with a developer and a major bank's construction lending.

For residents in Pasadena, Potomac and the other markets, the projects signal new senior housing options once completed. Construction start and opening dates have not been announced, so availability is not yet known.

The takeaway

Senior housing development is increasingly financed through partnerships among investment firms, developers and banks. Readers exploring senior living options should track announced openings and pricing as projects advance.