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.
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