NEW YORK, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, has provided debt financing for the acquisition of four senior housing properties in California. The Greystone Senior Housing Capital Markets team worked on behalf of Harrison Street to identify a capital solution for the portfolio acquisition, estimated by SeniorCare Investor to be valued at $546,700 per unit.
The latest collection of properties are located in Torrance, Sacramento, and Novato, California, and Las Vegas, Nevada. Operated by Oakmont Management Group, the senior housing communities were acquired from Gallaher Companies with life company financing. The four properties in this second tranche comprise 465 units and represent a portion of a portfolio of 24 total senior housing communities acquired by Harrison Street in California and Nevada for approximately $1.2 billion. Greystone closed financing for 16 of the properties earlier in 2021.
“It’s been gratifying working alongside Harrison Street on this pivotal acquisition for their strategic growth in the senior housing space,” said Mr. Cary Tremper, head of Greystone’s Senior Housing Capital Markets team. “There are copious funding options available today, and we are honored to have worked with the team once again to match them with the solutions that fit best for this large-scale acquisition.”
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.