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| The Solana Roseland Apartments , 345 Eagle Rock Avenue, Roseland, NJ |
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| Sarah Baccich |
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.
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| The Solana Willistown Apartments, 1713 West Chester Pike, Willistown, PA |
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.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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