Greystone Real Estate Advisors Closes US$137.1 Million Sale of Canadian Seniors Housing Portfolio
July 10, 2015
Seniors Housing Brokerage Team Closes First Canadian Asset Deal
Greystone announced its Real Estate Advisors group has closed the sale of a nine property seniors housing portfolio in Canada to Sabra Health Care REIT, Inc. for CAD$170.5 million (US$137.1 million).
The portfolio consists of eight independent senior living facilities and one assisted living facility, with 302 units located in British Columbia and 563 units located in Ontario, Canada. The transaction includes the option to purchase two additional facilities located in Ontario.
Mike Garbers, a Managing Director of Greystone Real Estate Advisors, led the sale. “The Canadian seniors housing market is seeing a rapid uptick in acquisitions interest, and we are pleased to have brought a new and high-quality investor into the market,” said Garbers.
“Having both structured finance and advisory teams under one roof allowed Greystone to deliver on the sales side for a long-term debt customer. Additionally, Greystone was able to add value beyond our normal excellent execution by creatively identifying a unique structure that led to a successful closing for all parties involved,” said Scott Kavel, Managing Director of Greystone’s Senior Housing Debt and Structured Finance team.
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities.