Cushman & Wakefield Arranges Sale of Solana Marlboro in New Jersey

MARLBORO, N.J. — Cushman & Wakefield National Senior Housing Capital Markets has arranged the sale of The Solana Marlboro, a newly constructed, 79-unit assisted living and memory community in Marlboro.

A joint venture between affiliates of Capitol Seniors Housing, Formation Development Group and Shelbourne Capital sold the property for an undisclosed price.

The buyer was Kayne Anderson Real Estate. Chelsea Senior Living, the current operator, will continue to manage the community.

Located approximately 20 miles south of New York City, the community is within a quarter-mile of a variety of shopping and entertainment options.

The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Sam Dylag.

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LCS Real Estate Acquires The Solana Doylestown in Pennsylvania

WARRINGTON, Pa. — LCS has acquired The Solana Doylestown, a seniors housing community in Warrington, approximately 20 miles north of downtown Philadelphia.

LCS Real Estate facilitated the transaction and Life Care Services will provide management services; both are LCS companies. Financial details and the name of the seller were not disclosed.

The community opened in 2016 and has a total of 70 personal care apartments and 28 memory care residences.

“We are focused on growing our presence in the Northeast region,” says Dan Lahey, senior vice president and managing director of LCS Real Estate.

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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.

The Solana Willistown

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.


Horsham Press Release


NORTH WALES, PA. — CBRE Capital Markets’ National Senior Housing team has arranged the sale of and acquisition financing for The Solana Horsham, a 76-unit assisted living and memory care community in the Philadelphia suburb of North Wales.

Sage Senior Living, along with an institutional joint venture partner, acquired the Class A community for $31.5 million, or $414,474 per unit. The seller was a joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners.

Lisa Widmier and Matthew Whitlock of CBRE’s San Diego office represented the seller in the transaction. Aron Will arranged the financing, which included a five-year, non-recourse, floating-rate loan with three years of interest-only payments. A regional bank provided the undisclosed amount of capital for the loan.

The Solana Horsham was developed in 2013. The occupancy at the time of offering was 89 percent, and had increased to 95 percent by closing.

Founded in 2005 by Kelly Cook Andress, Sage is a regional owner-operator of Class A seniors housing communities in New England. The Solana Horsham is Sage’s sixth community under management and third community in the Philadelphia MSA.


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