November 2026 - Harrison Street Asset Management and Harbert Management Corporation Announce Formation of Development Partnership with Two Senior Housing Communities in Pasadena, CA and Potomac, MD

Birmingham, AL, November 2, 2026 — Harrison Street Asset Management (“Harrison Street”) and Harbert Management Corporation’s (“HMC”) South Bay investment team (“Harbert South Bay”), today announced a joint venture to develop two senior housing communities in Pasadena, California and Potomac, Maryland.

The Palmer in Pasadena and The Belle Mare in Potomac are designed to add 80 and 94 units to their communities, respectively. Together with projects already under construction in Irvine and Dublin, CA, and Dallas, TX , they bring Harbert South Bay's active construction portfolio to over 800 units. Construction financing for the two communities is being provided by PNC Bank, N.A.

“Pasadena and Potomac will be benchmark assets in our portfolio of luxury, Class A communities,” said Patrick McGonigle, CEO of Harbert South Bay. “We are excited to begin construction on both projects, alongside a great partner in Harrison Street, as we continue to deliver distinctive communities designed to meet demand in attractive, supply-constrained markets.”

“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,” said Rob Korslin, Co-Head of North America Transactions at Harrison Street. "We believe Pasadena and Potomac are two communities with growing needs and by partnering with experienced developers like Harbert South Bay, Harrison Street is helping to address this shortage while investing in a sector supported by compelling demographic trends and strong operating fundamentals."

Harbert South Bay is proud to partner exclusively with Momentum Senior Living on all projects in its portfolio, including the Pasadena and Potomac communities and the team’s broader development portfolio. Harbert South Bay is also planning additional senior housing construction starts in Walnut Creek, San Francisco, and San Diego (Mission Valley), CA, as well as Newton, MA. Looking ahead, Harbert South Bay and Harrison Street are actively pursuing additional development opportunities to further expand their senior housing portfolio.

Since inception, Harbert South Bay has developed more than 11,000 senior housing units across 84 projects, comprising $1.8 billion in cost. Over the past 10 years, the team has focused on luxury communities with high-end amenities in affluent, high-demand markets with limited new supply. Harrison Street, meanwhile, is the largest private owner of senior housing properties in the US, having invested $16 billion across 46,000 units since the firm’s inception.

About Harrison Street Asset Management
Harrison Street Asset Management is a leading global alternative investment management firm with $110 billion in assets under management across real estate, infrastructure, and credit strategies. Headquartered in Chicago, Toronto, and London with over 600 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of over 1,100 institutional investors and over 300 Registered Investment Advisors(1).

(1)HSAM data and descriptions of HSAM’s business are generally comprised of the aggregated data and business activities of investment advisors that are owned in whole or in part by HSAM. Assets under management (“AUM”) reflects the AUM for the investment advisory and asset management clients of such investment advisors and is inclusive of the regulatory AUM of such investment advisors as would be reported in their respective Form ADVs.

About Harbert Management Corporation

Harbert Management Corporation is an alternative asset manager with approximately $7.9 billion in Regulatory Assets Under Management as of September 30, 2026. Formed in 1993, the firm is privately owned and serves a variety of institutional investors across multiple asset classes. Investment strategies include senior housing, European and U.S. real estate, power, growth capital, and credit solutions. For additional information, visit www.harbert.net.

Harbert Media Contacts:

Jansel Murad/Ellie Stevens | Dukas Linden Public Relations | HMC@dlpr.com