NEW YORK, Nov. 11, 2015 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory company, today announced its Real Estate Advisors group assisted with the closing of the sale of the Pacifica Senior Living property in Virginia Beach, VA for $38,000,000. Capital Senior Living purchased the seniors housing property from a private seniors housing owner on October 29th.
The senior living community, centrally located in the resort area of Virginia Beach, offers assisted living and memory care services. The community includes a beauty salon and barbershop, large central courtyard with fountain, library with fireplace, and private dining room. Available services include 24-hour staffing, emergency response system, housekeeping and linen service, scheduled transportation, full on-site rehabilitation services, and customized levels of wellness and care programs.
Mike Garbers, a Managing Director of Greystone Real Estate Advisors, led the sale. The Real Estate Advisors team partnered with Greystone’s Debt and Structured Finance Team to execute the transaction with Capital Senior Living.
Greystone’s Debt and Structured Finance Team sourced the acquisition financing for Capital Senior Living through a Life Insurance Company. The 10-year financing provided 75% loan to cost on a non-recourse basis at an attractive 4.25% fixed interest rate that was locked upon executing the loan application. Cary Tremper, a Managing Director at Greystone, led the financing for Capital Senior Living.
“Having a best-in-class client in Capital Senior Living, as the buyer, combined with a well-located, strong performing and highly sought after asset in Virginia Beach made for a great execution for all parties. Our goal is to leverage the breadth, reputation and experience of our entire seniors housing team, from investment sales to debt placement, to providing an efficient process that ensures certainty of execution for all parties,” said Tremper.
About Greystone Real Estate Advisors, Inc.
Greystone Real Estate Advisors, Inc. provides services in sales and acquisitions of seniors housing property types including independent living, assisted living, memory care and skilled nursing. The team offers a full spectrum of advisory services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners and healthcare REITs.
About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, consistently ranking as a top FHA and Fannie Mae lender in these sectors. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, please visit www.greyco.com.