Harmony at Laurel Construction Loan Closed


Closed on Construction Loan February 26, 2024

Smith/Packett recently closed on the construction loan for a new 195 unit Senior Living Community with a Dedicated Memory Care Wing in the beautiful town of Laurel, Maryland.  Laurel is located within an affluent and populous market in Anne Arundel County, MD. Named Harmony at Laurel, this community is located at 3201 Welchs Lane. The community will be conveniently located between Baltimore MD and Washington DC and the area is home to a large population of wealthy professionals and the homes adjacent to the community will draw an affluent portion of the population. The community will be managed by Harmony Senior Services, adding to Harmony’s expanding portfolio in Maryland.

The community will be less than six miles away from UM Laurel Medical Center, which recently completed a $50 million upgrade. Residents will find the close proximity of the hospital appealing in the event they need more intensive health care services and will also serve as a major referral source to the community for assisted living and memory care.

Harmony at Laurel features 90 spacious Independent living apartments, 68 assisted living apartments and 36 Harmony Square apartments in a dedicated memory care wing. Harmony at Laurel features multiple outdoor courtyards as well as amenities like fitness and therapy rooms, a pub, game rooms, a chapel, a billiards room, a library, a theatre, and a salon. Harmony at Laurel will offer an assortment of living options and floor plans with one-bedroom, two-bedroom, and studio apartments available. The 197,517  square foot community has a Total Project Cost of over $46,000,000.

Rycon Construction, Inc. will be the general contractor for this project. Rycon is a national firm that completed $1.1 billion of revenue in 2023 across eight offices and multiple market sectors. Rycon was co-founded by Todd Dominick and William Taylor. Together they forged the foundation to shape Rycon into the company it is today. Construction is scheduled to begin in the summer of 2024 and completed in the winter of 2026.