Holliday Fenoglio Fowler, L.P. (HFF) closed one of the most expensive seniors housing transactions ever (on a per-unit basis), with its sale of two assisted living/memory care communities in the Northeast for $98.25 million, or almost $575,000 per unit. There were several factors that led to this near-record price. First was the location. One of the properties is located in suburban Philadelphia and the other is in New Jersey within the New York City MSA, both high barrier-to-entry, high-income markets. Second, they were recently built in 2013 by the owners, a joint venture between Formation Development Group (an affiliate of Formation Capital) and Shelbourne Healthcare Development Group (a subsidiary of Shelbourne Capital). And third, they are well occupied, averaging a 94% census across a total of 118 assisted living units and 53 memory care units. Ryan Maconachy and Chad Lavender of HFF represented the seller in the transaction, while Sarah Baccich led the way in HFF securing a $63.86 million acquisition loan through Cornerstone Real Estate Advisers, a global real estate investment advisory group.