Greystone Acquires ARA National Seniors Housing Group

NEW YORK CITY—With its acquisition of ARA National Seniors Housing Group, locally-based Greystone reports it has launched a senior housing real estate sales and investment advisory group entitled Greystone Real Estate Advisors, Inc. that will be headquartered in Atlanta.

The new entity will be led by Mike Garbers and Cody Tremper, who bring to Greystone more than 20 years of combined experience in the seniors housing industry. Working together with Greystone Managing Directors Scott Kavel and Cary Tremper, who lead Greystone's seniors housing finance group, the Greystone Real Estate Advisors team will provide a range of services related to sales and acquisitions of seniors housing property types, company officials say. No financial terms of the transaction between Greystone and ARA National Seniors Housing Group, Ltd. were released.

Garbers, who will work out of Orlando and Tremper, who will be based in Dallas, were instrumental in the disposition of more than $450 million in seniors housing properties across the country over the past two years during their tenure together at ARA Real Estate Investment Services. The new group will work closely with Greystone's existing seniors financing team based in Atlanta that will provide a host of services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners, and healthcare REITs.

Garbers has been involved in the acquisition, development or disposition of more than $1.9 billion in seniors housing properties over the course of his career. Prior to ARA, he was with Cushman & Wakefield where he specialized in seniors housing investment sales and, before that, he was a senior vice president with Herbert J. Sims where he originated joint venture partnerships with seniors housing operators throughout the U.S. At Herbert J. Sims he was responsible for deal structuring and negotiations, underwriting, site analysis and asset management. He has also held positions with CNL Financial Group, Inc. including vice president of acquisitions, where he acquired seniors housing properties through the issuance of private placement memorandums and sale/leaseback investments.

Involved in the seniors housing industry since 2006, Tremper has been involved in the construction finance, acquisition finance, and disposition of more than $800 million in seniors housing assets. Prior to his tenure with ARA, he was a vice president in the Healthcare Real Estate Lending Group at Guaranty Bank and also served at BBVA Compass where he originated new construction, acquisition, and mini-perm financing for large institutional clients with facilities nationwide, as well as privately-owned regional clients. “The expansion of our seniors housing finance and advisory capabilities is a natural extension of Greystone's strengths in this industry,” says Billy Posey, head of Greystone's agency lending and seniors housing finance groups. “I am confident that Mike, Cody and the team will complement our lending platform to provide an end-to-end advisory service to seniors housing owners,” he added.

Charles Bissell, who previously served as co-managing partner of the ARA National Seniors Housing Group, states, “Entering into this transaction with Greystone will provide our existing clients seamless advisory service while providing Mike and Cody access to a highly regarded healthcare lending group led by Scott Kavel. My partners and I are pleased with the outcome of this transaction and are confident that our clients will continue to receive exemplary service under the Greystone banner.”