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.