Greystone completed its first transaction where it both assists with a sale and places the debt to fund it. Mike Garbers, a Managing Director of Greystone Real Estate Advisors, closed the sale of a 110-unit assisted living/memory care community in Virginia Beach, Virginia for $38 million, or an above-average $345,500 per unit. A private seniors housing owner is the seller, and Capital Senior Living is the buyer. Built in 2001, the assisted living portion includes 69 studios and 16 one-bedroom units, while the 25 memory care units (all studios) were added in 2012. To finance the transaction, Cary Tremper of Greystone’s Debt and Structured Finance Team secured a $28.5 million loan through a life insurance company. Mr. Tremper structured the non-recourse loan with a 10-year term and a 4.25% fixed rate that was locked upon executing the loan application. Talk about a one-stop shop.
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