Debt Package for Harrison Street’s Acquisition Includes Life Company Financing, Freddie Mac Loan Assumptions
NEW YORK, June 29, 2021 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided debt financing for the acquisition of 16 senior housing properties in California. The Greystone Seniors Housing team worked alongside the Harrison Street team to find the best financing solution for such a high-quality portfolio acquisition, estimated at $546,700 per unit, according to SeniorCare Investor.
The 16 properties, operated by Oakmont Management Group, were acquired from two different sellers, Healthpeak Properties and Gallaher Companies and the acquisition financing includes both Freddie Mac loan assumptions and new life company financing. The 16 properties comprise 1,148 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.
“We are thrilled to have played an integral role in helping Harrison Street achieve its goal in acquiring key senior housing assets that are performing well, situated in attractive MSAs, and poised for success,” said Mr. Cary Tremper, head of Greystone’s Seniors Housing Capital Markets team. “Greystone takes pride in its ability to find the right-size capital solution for clients, and this unique combination of loan assumptions and life company financing is no exception.”
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.