NEWTON, Pa. — A joint venture between Care Investment Trust and affiliates of Heritage Senior Living have acquired The Birches at Newtown, a 120-bed assisted living and memory care community in Philadelphia suburb of Newton. CBRE arranged acquisition financing of $28 million for the transaction.
Affiliates of Heritage developed the community, opening the doors in March 2014. Heritage will continue to operate the community.
Aron Will, executive vice president of CBRE’s Senior Housing Debt & Structured Finance practice, arranged the seven-year, fixed-rate loan with two years of interest-only payments. A regional bank provided the capital.
Care Investment Trust, a wholly owned subsidiary of Tiptree Financial based in New York City, is a real estate investment company focused on the seniors housing sector.
Heritage develops, owns and operates seniors housing communities located throughout the Mid-Atlantic region. Heritage currently operates 15 seniors housing communities, of which affiliates of Care Investment Trust and Heritage now jointly own four.