Atlanta-Philadelphia Senior Living JV Sells NJ, Philadelphia Properties for $98.25M

Solana Willistown, Willistown, PA

WILLISTOWN, PA AND ROSELAND, NJ— Atlanta- and Philadelphia-based Formation-Shelbourne Senior Living Services has sold two class A seniors housing communities – The Solana Roseland in Roseland, NJ and The Solana Willistown in Willistown, PA, for $98.25 million. The buyer was not identified. Holliday Fenoglio Fowler marketed the offering exclusively on behalf of Formation-Shelbourne , and procured the buyer. In addition, HFF assisted the new owner in securing a $63.86 million acquisition loan through Cornerstone Real Estate Advisers 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.

Solana Roseland, Roseland, NJ

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 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. CORRECTION, 7/13/2016: Because of an editing error, an earlier version of this article referred to Formation-Shelbourne Senior Living Services as a Texas-based company. The joint-venture is actually a partnership of 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.