Deal is First to Close with Greystone Advising on Sale and Placing Debt
Greystone 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.