The seller of a 54-unit assisted living/memory care community in the Philadelphia MSA got more than it originally bargained for, having been able to provide acquisition financing for the buyer too. Three years prior, a portfolio bridge lender had taken over ownership of the property through a foreclosure. It was built in stages in the 1980s and recently received substantial renovations. However, occupancy was around 60% at the time of the sale.
The incoming owner, a private investor from the East Coast, plans to continue the renovations in order to align it with the other facilities in their portfolio. Andrew Hilding, Josh Jandris, Mark Myers and Charles Hilding of IPA Seniors Housing represented the seller in the transaction, and also enabled them to provide some acquisition financing to the buyer.
