CBRE secured a Fannie Mae refinance for a seniors housing community in San Leandro, California, on behalf of the borrower, Carlton Senior Living. Built in 1997, the community features 147 units of assisted living and memory care in a high-barrier-to-entry market in the Bay Area. It was 95% occupied at the time of closing, and since owning the community, Carlton has renovated it over the years to keep it competitive in the local market.
In order to reconstitute its original joint venture ownership into a closely held Tenant-in-Common (TIC) ownership structure, Carlton refinanced the property with a cash-neutral, $22.9 million loan through CBRE’s Fannie Mae DUS Lending Platform. The loan had a 10-year term and a fixed rate. Aron Will, Andrew Behrens and Adam Mincberg of CBRE originated the loan.
