As rumors swirl about its future, Atlanta-based Apartment Realty Advisors (ARA) sold its seniors housing group to New York–based Greystone, a financial services and private investment group whose original core business is multifamily real estate lending.
ARA National Seniors Housing Group provides brokerage, investment sales, and advisory services for owners of seniors housing properties. The ARA addition will complement Greystone's lending platforms and provide to owners a “one-stop shop” for advisory and debt solutions, according to a Greystone spokesperson. ARA veterans Mike Garbers and Cody Tremper will lead the new team.
Here's the release from Greystone, which came out on Monday morning:
"Greystone Acquires ARA National Seniors Housing Group from ARA National Seniors Housing Group, Ltd., Creating a Full-Service Seniors Housing Real Estate Investment Sales and Financing Platform
"New York, NY (July 21, 2014) – Greystone, a leading national provider of multifamily and healthcare mortgage loans, announced today it has launched a seniors housing real estate sales and investment advisory group through the acquisition of the ARA National Seniors Housing Group from ARA National Seniors Housing Group, Ltd. The acquisition is specific to the ARA National Seniors Housing Group – none of the other ARA offices or groups were included in the transaction.
"The new entity, Greystone Real Estate Advisors, Inc. will be led by Mike Garbers and Cody Tremper, who bring to Greystone more than 20 years of combined experience in the seniors housing industry. Working together with Scott Kavel and Cary Tremper, Managing Directors who lead Greystone’s seniors housing finance group, the Greystone Real Estate Advisors team will provide a range of services related to sales and acquisitions of seniors housing property types.
"Mike Garbers and Cody Tremper were instrumental in the disposition of more than $450 million in seniors housing properties across the country over the past two years during their tenure together at ARA Real Estate Investment Services. Through the talents of Mike, Cody, and the seniors housing finance team, Greystone Real Estate Advisors will bring a full continuum of services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners, and healthcare REITs.
"Mike Garbers has been involved in the acquisition, development or disposition of more than $1.9 billion in seniors housing properties over the course of his career. Prior to ARA, he was with Cushman & Wakefield where he specialized in seniors housing investment sales and, before that, he was a Senior Vice President with Herbert J. Sims where he originated joint venture partnerships with seniors housing operators throughout the U.S. Mike was responsible for deal structuring and negotiations, underwriting, site analysis and asset management. He has also held positions with CNL Financial Group, Inc. including Vice President of Acquisitions, where he acquired seniors housing properties through the issuance of private placement memorandums and sale/leaseback investments.
"Involved in the seniors housing industry since 2006, Cody Tremper is focused on transactions involving seniors housing and long-term care properties. Cody has been involved in the construction finance, acquisition finance, and disposition of more than $800 million in seniors housing assets. Prior to his tenure with ARA, Cody was a Vice President in the Healthcare Real Estate Lending Group at Guaranty Bank and also served at BBVA Compass where he originated new construction, acquisition, and mini-perm financing for large institutional clients with facilities nationwide, as well as privately-owned regional clients.
“ 'The expansion of our seniors housing finance and advisory capabilities is a natural extension of Greystone’s strengths in this industry,' ” said Billy Posey, head of Greystone’s agency lending and seniors housing finance groups. 'I am confident that Mike, Cody and the team will complement our lending platform to provide an end-to-end advisory service to seniors housing owners,' he added.
"Charles Bissell, who previously served as Co-Managing Partner of the ARA National Seniors Housing Group, stated: 'Entering into this transaction with Greystone will provide our existing clients seamless advisory service while providing Mike and Cody access to a highly regarded healthcare lending group led by Scott Kavel. My partners and I are pleased with the outcome of this transaction and are confident that our clients will continue to receive exemplary service under the Greystone banner.'
“ 'We are thrilled to join the Greystone team and to have the opportunity to build a new segment of business for the company,' said Garbers. 'As one of the preeminent seniors housing lenders in the country, we look forward to creating a unique offering that will bring added value to seniors housing owners as they navigate the sales or acquisitions process,' he added.
"Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business including acquisition, development, and management of multifamily housing properties across the country.
"Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone’s mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone’s multifamily and healthcare financing solutions please visit http://www.greyco.com."