A Bay Area senior living community recently refinanced with the help of the A-team at CBRE that included Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg. The borrower was a joint venture between northern California owner/operator Carlton Senior Living plus Piedmont Properties Group, a large multifamily/senior living investor. They bought the 153-unit independent living community in 2007 for approximately $17.65 million, or $115,400 per unit. Located in Concord, California, the property was originally built in 1991 less than two miles from the top-ranked adult specialty care hospital in the country, John Muir Medical Center.

At the time of the acquisition, its debt (which included tax-exempt and taxable bonds, as well as secondary financing from Fannie Mae) was consolidated into a $16.5 million first mortgage from Fannie Mae with a 4.62% interest rate and 30-year amortization. Today, the community is operating well with occupancy in the low- to mid-90s, and CBRE Multifamily Capital has originated a new $19.9 million 10-year, fixed-rate Fannie Mae loan, with a full term of interest only, to refinance it.