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 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.Related Articles: