Tuesday, September 13, 2016

The Solana Horsham Trades for $31.5M

by Steve Lubetkin, Globest.com
A joint venture of Capitol Seniors Housing and Formation-Shelbourne Partners, continuing a series of divestitures of assisted living and memory care communities in the Philadelphia and New Jersey markets, has sold The Solana Horsham, a 76-unit community in North Wales, PA, for $31.5 million or $414,474 per unit. As previously reported by GlobeSt.com, the joint venture earlier this year sold Solana properties in Williston, PA, and Roseland, NJ.

The lender originated a five-year, non-recourse floating rate loan with three years of interest-only from a regional bank for an undisclosed amount.

Located at 1419 Horsham Road, The Solana Horsham is a newly constructed facility developed by the seller in 2013. The occupancy at the time of the offering was approximately 89 percent and at the time of closing was 95 percent.

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