CBRE helps refinance successful community

A 100-unit independent living community well located in Carmichael, California with a strong occupancy history was recently refinanced with the help of CBRE. Aron Will of CBRE National Senior Housing and Kevin Randles of CBRE’s Debt and Structured Finance office arranged a $12 million fixed-rate loan from Fannie Mae. CBRE Multifamily Capital originated the loan on behalf of the borrower, Ray Stone, Inc., which operates five other communities with over 800 units in California and has operated the Carmichael community since its opening in 2003. Occupancy has ranged from 95% to 99% in the last few years, with rents starting at $1,500 a month and going up to about $4,000 a month. The refinance took out a bank loan on the property. Mr. Will also recently secured a 65% loan-to-cost, $36.3 million loan with a floating rate, five-year term and 36 months of interest only on behalf of a joint venture between Blue Moon Capital Partners, Ascent Living Communities and GH Phipps Construction Companies to build a 156-unit rental CCRC in Lakewood, Colorado.