HFF Closes $98M Sale, Arranges Financing for 2 Properties
The senior communities include The Solana Roseland in Roseland, N.J., and The Solana Willistown in Willistown, Pa.
Dallas—HFF announced it has closed the $98.25 million sale of two Class A housing communities for seniors.
They are the The Solana Roseland in Roseland, N.J., and The Solana Willistown in Willistown, Pa. HFF represented the seller, Formation-Shelbourne Senior Living Services, and placed $63.86 million in acquisition financing for the new undisclosed owner with Cornerstone Real Estate Advisers, acting on behalf of an institutional client.
The Solana portfolio consists of 118 assisted living and 53 memory care units ranging in size from studio to two-bedroom floor plans.
The HFF seniors housing team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender. Associate director Sara Baccich led the team’s debt placement efforts on behalf of the buyer-borrower.
The Solana Roseland at 345 Eagle Rock Ave. just off I-280 in northern New Jersey, offers convenient access from surrounding New Jersey suburbs, including Parsippany-Troy Hills, Morristown, Montclair, East Orange, Newark and Jersey City, as well as New York City.
The Solana Willistown at 1713 West Chester Pike in the upscale Philadelphia suburb of Willistown is situated within a market area including Newtown Square, Paoli and West Chester. The two three-year-old properties are 94 percent leased and encompass a total of 74,222 rentable square feet.