The team at Newmark has kept a steady stream of closings coming amid the capital markets upheaval of the last month and just announced the sale of a 134-unit assisted living/memory care community in Dallas, Texas. The Preston of the Park Cities was built in 2018 in the desirable neighborhood of Park Cities. Silverstone Senior Living developed it, initially bringing in Harbor Retirement Associates to operate before switching to Watermark Retirement Communities in 2019. Occupancy never reached full stabilization before the pandemic and stood at just 75% at the time of closing.
The Newmark team had some history at this property, as Ryan Maconachy, Chad Lavender and Sarah Anderson helped to place the original construction debt for it. That was a $42.9 million four-year loan placed with Texas Capital Bank and Guaranty Bank & Trust. Development costs for the high-end community were reportedly above $75 million, or more than $560,000 per unit.
The buyer and the current purchase price were not disclosed, but Newmark is also working to place acquisition financing with a national bank for the transaction.
