Aron Will, Andrew Behrens, and Adam Mincberg originated a cash-out, $18.5 million, 10-year fixed loan through CBRE’s Fannie Mae DUS Lending Platform on behalf of Carlton Senior Living for Carlton Senior Living Pleasant Hill – Downtown. The refinance allowed Carlton to reconstitute its original joint venture ownership into a closely held Tenant-in-Common ownership structure.
Originally built in 1997, the community features a total of 119 assisted living and 12 memory care units with 24 beds in Pleasant Hill, California. Carlton Senior Living has renovated the community since development.
Following a renovation in 2024, the community demonstrated sustained operational performance enabling Carlton Senior Living to refinance the 97% occupied community at its loan maturity with a new Fannie Mae loan, after the asset’s attractive economics allowed it to keep the loan with Fannie Mae. The renovations have been highly accretive to additional leasing and entailed courtyard additions, new furniture, fixtures and equipment (FF&E), remodeling of the dining room/café, living rooms, and lobby/hallways, interior unit renovations and more.
