The CBRE team has certainly kept busy lately, closing a number of transactions since the outbreak of COVID-19 including a $200+ million cash-out refinance of three luxury senior living communities in lease-up, a non-recourse construction loan for a to-be-built community in California, and four agency loan closings. More recently, the team that included Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg refinanced a portfolio of three senior living communities in the San Francisco Bay area on behalf of Carlton Senior Living. The three communities consist of 315 total units, split between 251 assisted living and 64 memory care units. Two of the communities are located in Pleasant Hill, while the third was in the town of Davis. The portfolio was well occupied (at 93% on average) and was considered to be on the higher end of the market, despite their older vintage which ranged from the 1980s to 2000s. Carlton had made improvements and expansions to the portfolio over its many years of ownership.
Working through its Freddie Mac Seller Servicer direct lending program, CBRE secured three separate 10-year, fixed-rate loans totaling about $58 million. Two of the three loans featured full terms of interest only, while the third (arranged for the one stand-alone memory care community) came with a half-term of interest only.