CBRE Capital Markets’ Debt & Structured Finance team has secured refinancing for Roseville Commons, an 87,562-square-foot, independent living community constructed in 1986 with 108 units.
Kevin Randles, Senior Vice President of CBRE’s Sacramento office, and Aron Will, Vice Chairman of CBRE National Senior Housing, have arranged financing on behalf of Ray Stone, Inc. (RSI). CBRE Multifamily Capital originated the loan through its Fannie Mae DUS multifamily loan origination program, with an amount of $12.9 million with a long-term fixed interest rate. This transaction represents the fifth Agency loan CBRE and RSI have completed together in the past three years.
“Since the acquisition in 2007 by Ray Stone Senior Living, Roseville Commons has outperformed the market,” said Randles. “Ray Stone Senior Living is a true leader in the senior housing space as their passion to provide quality independent living starts at the top of the organization and is emulated by all personnel who take pride in the company in delivery of its best of class service. Community residents continually share their support for the organization, and all of this positivity can be seen throughout the economic histories of their communities.”
The success that the Sacramento based RSI has seen in Roseville, speaks to the nearly four decades of industry experience and solidifies their successful track record within the senior housing industry. Along with the Roseville Commons, RSI operates seven other senior living communities within northern California comprising over 1,000 units, giving them an intimate familiarity with the market. The submarkets encompassing the Sacramento region have continued to experience robust demand for senior housing due to quality of life and affordable characteristics; several projects are currently being developed by local and regional developers.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
