WILLISTOWN, Pa., and ROSELAND, N.J. — Formation-Shelbourne Senior Living Services has sold two Solana-branded, Class A seniors housing communities for $98.3 million. The buyer was not disclosed.
The Solana Roseland in Roseland, a suburb of New York City, and The Solana Willistown, a suburb of Philadelphia, total 118 assisted living and 53 memory care units in 74,222 rentable square feet. Both were completed in 2013, and the combined occupancy was 94 percent at the time of sale.
HFF represented the seller in the deal, and also arranged a $63.9 million acquisition loan for the undisclosed buyer. Cornerstone Real Estate Advisers provided the capital for the loan.
Ryan Maconachy and Chad Lavender led the HFF team representing the seller. Sarah Baccich led the debt placement efforts.
Formed in 2009, Formation-Shelbourne Senior Living Services is a joint venture between two developers, Atlanta-based Formation Development Group and Philadelphia-based Shelbourne Healthcare Development Group. The combined company has developed 10 independent living, assisted living and memory care communities across the United States under The Solana brand name.