Solana Horsham, 1419 Horsham Road, North Wales, PA

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.

Located at 1419 Horsham Road, The Solana Horsham is a newly constructed facility developed by the seller in 2013. The occupancy at the time of the offering was approximately 89 percent and at the time of closing was 95 percent.

Lisa Widmier and Matthew Whitlock of CBRE's San Diego office represented the seller.

Instant Insights /

Capital Seniors/Formation-Shelbourne JV Continues Assisted Living Divestitures in Greater Philadelphia

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