Cornerstone provides $64m loan on seniors housing portfolio

Cornerstone Real Estate Advisers, on behalf of an institutional client, has provided a $63.86 million acquisition loan for the acquisition of two Class A seniors housing communities.

Cornerstone Real Estate Advisers, on behalf of an institutional client, has provided a $63.86 million acquisition loan for the acquisition of two Class A seniors housing communities.

An undisclosed buyer paid $98.25 million for the The Solana Roseland in Roseland, New Jersey and The Solana Willistown in Willistown, Pennsylvania, according to HFF, which marketed the property on behalf of seller Formation-Shelbourne Senior Living Services and arranged the financing.

Solana Portfolio - Roseland emailThe portfolio is comprised of 118 assisted living and 53 memory care units ranging from studio to two-bedroom floor plans.  

The Solana Roseland is at 345 Eagle Rock Avenue, just off Interstate 280, in northern New Jersey; and the Solana Willistown is at 1713 West Chester Pike in the western Philadelphia suburb of Willistown.

HFF associate director Sarah Baccich led the team’s debt placement efforts on behalf of the borrower.

Cornerstone, one of the largest global real estate advisers, held $50.6 billion in global assets under management as of March 31, 2016. Last month the company agreed to acquire the multifamily agency lender ACRE Capital Holdings for $93 million in an effort to expand its commercial loan origination platform and nearly doubling the company’s multifamily loan portfolio from approximately $5 billion to $10 billion.

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