Greystone arranges $21.5M senior housing sale
The advisory firm represented the seller of a 245-unit, care-centric community in Jacksonville
October 30, 2016 02:00PM
Wyndham Lakes senior housing community in Jacksonville
Greystone Real Estate Advisors arranged the $21.5 million sale of Wyndham Lakes, a 254-unit senior housing complex in Jacksonville.
Greystone’s debt and structured finance team, led by Cary Tremper, arranged the acquisition financing through a regional bank.
“This non-recourse debt provided a low rate with prepayment flexibility to meet the client’s financing objectives,” Greystone said in a press release.
Greystone said a private equity group bought Wyndham Lakes on October 19 from a publicly traded real estate investment trust for a price equal to $84,645 per unit.
Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction.
Wyndham Lakes is an assisted living, independent living and memory care community spanning 14 acres. Brookdale Senior Living formerly operated Wyndham Lakes.
The 160,970-square-foot senior housing property includes 12 residential buildings and one common-area building. The previous owner invested in upgrades to residential units, common areas and building exteriors during the last three years.
Source: The Real Deal