HFF closes $98.25 million sale of and arranges $63.86 million financing for 2 Class A seniors housing properties in suburban Philadelphia and New York City
DALLAS, TX –July 11, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $98.25 million sale of two Class A seniors housing communities – The Solana Roseland in Roseland, New Jersey and The Solana Willistown in Willistown, Pennsylvania.
HFF marketed the offering exclusively on behalf of the seller, Formation-Shelbourne Senior Living Services, and procured an undisclosed buyer. In addition, HFF assisted the new owner in securing a $63.86 million acquisition loan through Cornerstone Real Estate Advisers, one of the largest global real estate investment advisers, acting on behalf of an institutional client.
The Solana portfolio encompasses 118 assisted living and 53 memory care units in a variety of options ranging from studio to two-bedroom floor plans. The Solana Roseland is located at 345 Eagle Rock Avenue just off Interstate 280 in northern New Jersey offering convenient access from surrounding New Jersey suburbs, including Parsippany-Troy Hills, Morristown, Montclair, East Orange, Newark, Jersey City as well as New York City. The Solana Willistown is located at 1713 West Chester Pike in the affluent western Philadelphia suburb of Willistown. The market area includes Newtown Square, Paoli and West Chester. Completed in 2013, the properties are 94 percent leased overall and total 74,222 rentable square feet.
The HFF seniors housing team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender. Associate director Sarah Baccich led the team’s debt placement efforts on behalf of the buyer/borrower.
About Formation-Shelbourne Senior Living Services
Formed in 2009, Formation-Shelbourne Senior Living Services (Formation-Shelbourne) is a venture between Formation Development Group, an Atlanta-based developer, investor and asset manager specializing in the development, acquisition and reprogramming of senior living communities, and Shelbourne Healthcare Development Group, a Philadelphia-based developer, investor and owner of senior living and healthcare assets. Formation Development Group is a subsidiary of Formation Capital, a leading private investment firm focused primarily on seniors housing, post-acute and healthcare investments. Shelbourne Healthcare Development Group is a subsidiary of Shelbourne Capital, a real estate private equity firm focused on high-yield opportunistic investments in commercial real estate. Formation-Shelbourne has developed 10 independent living, assisted living and memory care communities across the United States under The Solana brand name.
About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC (Cornerstone), with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate focused investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.