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Carlton Senior Living Pleasant Hill – Downtown (Bay Area MSA)
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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-out, $18.5MM, 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 “Community”). The refinance allowed Carlton Senior Living to reconstitute its original joint venture ownership into a closely held Tenant-in-Common (TIC) ownership structure.
Originally built in 1997, the Community features a total of 119 Assisted Living units and 12 Memory Care units with 24 beds. The Community is located in a dynamic San Francisco Bay Area market exhibiting significant barriers-to-entry. The city of Pleasant Hill is situated in the East Bay region of the Bay Area and is located in Contra Costa County.
Since developing the Community, Carlton Senior Living has renovated it over time. Following a Community-wide 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 with attractive economics 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.
About Carlton Senior Living
Carlton Senior Living 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. Donald Engle, Carlton Senior Living 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 Senior Living’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 $13 billion in senior housing debt across 557 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
- $13.2 Billion in senior housing debt originations from 2014 through 2024 YTD across 557 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
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