Greystone Real Estate Advisors Closes Sale of Seniors Housing Community in Texas

NEW YORK, Oct. 23, 2015 (GLOBE NEWSWIRE) — Greystone, a real estate lending, investment and advisory company, today announced its Real Estate Advisors group has closed the sale of Spring Creek Village. SRP Medical sold the seniors housing property in September to a joint venture between Harrison Street Real Estate Capital and Bridgewood Property Company. Going forward, the property will be managed by Retirement Center Management.

Spring Creek Village is a newly-constructed 108-unit assisted living and memory care community. Built in 2013, the property offers 60 assisted living units and 48 memory care units serving the Spring, Texas community. Spring Creek Village is a Class A property offering an abundance of amenities including chef-prepared meals; housekeeping; linen services; transportation; 24/7 nursing services; emergency call system; salon; organized activities; game room; library; arts and crafts; theater; chapel; and fitness center. Located north of Houston near The Woodlands and just minutes from five major hospitals and ancillary medical services as well as retail, dining, and entertainment, Spring Creek Village offers an ideal setting for seniors and visitors to the region.

Cody Tremper, a Managing Director of Greystone Real Estate Advisors, led the sale for SRP Medical. “The quality of the Spring Creek Village property should serve as an example for new construction in the assisted living market,” said Tremper. “The amount of interest in this property is certainly a testament to its location and amenities.”

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.

About Greystone Real Estate Advisors, Inc.

Greystone Real Estate Advisors, Inc. provides services in sales and acquisitions of seniors housing property types including independent living, assisted living, memory care and skilled nursing. The team offers a full spectrum of advisory services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners and healthcare REITs.

About Greystone

Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, consistently ranking as a top FHA and Fannie Mae lender in these sectors. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, please visit www.greyco.com.  

About Harrison Street Real Estate

Harrison Street Real Estate Capital LLC (“Harrison Street”) is one of the leading real estate investment management firms that offers innovative investment products across both private and public real estate segments. The firm has created a series of differentiated investment products across multiple risk/return platforms. Our 70+ person team is headquartered in Chicago, Illinois. Currently the firm and its affiliates manage approximately $7.9 billion in assets on behalf of some of the world’s largest institutional investors.

About Bridgewood Property Company

Based in Houston, Texas, Bridgewood Property Company is a premier developer of high-quality, culturally enriched senior living communities. With 30 years of experience in commercial real estate development and over a decade focused exclusively on senior living communities, Bridgewood has developed over 3,000 independent, assisted living, and memory care living units, representing more than $500 million in asset value. The company’s wholly-owned management company, Retirement Center Management, focuses exclusively on senior living communities. RCM property brands include Carriage Inn, Village on the Park, and The Village branded communities targeted to potential residents in their surrounding communities.

CONTACT: PRESS CONTACT:
Karen Marotta
Director of Communications, Greystone
212-896-9149
KMarotta@Greyco.com

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