CBRE arranged a refinance for Carlton Senior Living San Leandro (the “Community”), a 147-unit Assisted Living and Memory Care community located in San Leandro, California on behalf of Carlton Senior Living (“Carlton”).

Aron Will, Vice Chairman of CBRE National Senior Housing, Andrew Behrens, Vice Chairman of CBRE, and Adam Mincberg, Senior Vice President of CBRE National Senior Housing, originated a cash-neutral, $22.9MM, 10-year fixed loan through CBRE’s Fannie Mae DUS Lending Platform. The refinance allowed Carlton to reconstitute its original joint venture ownership into a closely held Tenant-in-Common (TIC) ownership structure.

The Community is located in a dynamic Bay Area market exhibiting high barriers-to-entry. The city of San Leandro is situated in the East Bay region of the San Francisco Bay Area, located just south of the city of Oakland in an area characterized by the recent influx of technology industries, commercial trading/finance centers, large suburban developments and new waterfront industries.
 
Originally built in 1997, the Community features a total of 135 Assisted Living units and 12 Memory Care units with 24 beds. After recovering from the impacts felt during the global pandemic, the Community demonstrated a period of sustained operational performance and success enabling Carlton to refinance the 95% occupied Community at its loan maturity with a new Fannie Mae loan with highly attractive loan terms in order to keep the loan with Fannie Mae. Since owning the Community, Carlton has renovated it over time to keep it commensurate with newer market competition. The Community offers residents convenient access to a wide array of services and entertainment options. The Community is known for its beautiful courtyard shaded by mature maples tress, welcoming sitting areas and a tranquil Zen Garden. 
 
About Carlton Senior Living

Carlton is one of the Bay Area’s most prolific senior housing owner-operators with a senior housing portfolio of eleven communities located across several Northern California markets. Founded in the early 1980’s by Tom MacDonald and Dr. Don Engle, Carlton is a high-touch regional senior housing company whose principals are very involved in the day-to-day operation of their senior housing business. Since their founding, Carlton’s family-founded, family-focused approach has been rooted in exceptional care, diverse activities, and compassionate staff.

CBRE was the #1 Fannie Mae Senior Housing Lender in 2019 and 2016. From 2014 through 2024 YTD, CBRE originated over $12.7 billion in senior housing debt across 540 assets. CBRE completed over $24 billion in combined senior housing investment sales and loan originations from 2014 through 2024 YTD.

• #1 Fannie Mae Senior Housing Lender in 2019 and 2016
• #2 Senior Housing Freddie Mac Lender in 2021
• $12.7 Billion in senior housing debt originations from 2014 through 2024 YTD across 540 assets
• #1 Senior Housing Intermediary in 2017
• Top 3 Senior Housing Lender 2010-2023*
• #1 Agency originator in the nation in 2021: Over $14.0 billion in originations
• #1 Freddie Mac Lender in 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020
• #2 Freddie Mac Lender in 2021, 2022 and 2023
• #2 Fannie Mae Lender in 2020, 2021 and 2023
• $24 Billion in combined senior housing investment sales & debt originations from 2014 through 2024 YTD

*Fannie Mae, Freddie Mac, HUD/FHA, Mezzanine & Construction Debt Placement