Horsham, Pa.-based GMAC Commercial Mortgage has arranged $92 million in refinancing for eight seniors housing properties owned by affiliates of Crestline Capital Corp. and managed by Marriott Senior Living Services, both of Bethesda, Md. Located in Delaware, Texas, Florida, New Mexico and South Carolina, the communities have a total of 1,674 units.
The Delaware properties include: the 161-unit Foulk Manor North and the 159-unit Shipley Manor, both in Wilmington; and the 198-unit Millcroft in Newark. Two of the communities are in Texas: The Forum at Lincoln Heights, a 241-unit facility in San Antonio; and The Montevista at Coronado, a 261-unit facility in El Paso.
The remaining properties include: Park Summit of Coral Springs, a 281-unit community in Coral Springs, Fla.; The Montebello on Academy, a 209-unit community in Albuquerque, N.M.; and Myrtle Beach Manor, a 164-unit facility in Myrtle Beach, S.C.