NORTH WALES, PA—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.
Lisa Widmier and Matthew Whitlock of CBRE's San Diego office represented the seller.
CBRE originated a five-year, non-recourse floating rate loan with three years of interest-only from a regional bank for an undisclosed amount. Aron Will of CBRE's Houston office secured the loan on behalf of the borrower.
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.
NORTH WALES, PA—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.
Lisa Widmier and Matthew Whitlock of CBRE's San Diego office represented the seller.
CBRE originated a five-year, non-recourse floating rate loan with three years of interest-only from a regional bank for an undisclosed amount. Aron Will of CBRE's Houston office secured the loan on behalf of the borrower.
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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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
