San Francisco, CA – January 2013 – CBRE Group, Inc., (CBRE) through its direct HUD FHA lender, CBRE HMF, Inc. (CBRE HMF), is pleased to announce the successful financing of Carlton Plaza of Davis, a to-be-built 144-bed, 120-unit senior assisted living and memory care facility in Davis, CA.
The loan for the senior care facility is funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 232 LEAN new construction mortgage insurance program, providing an interest-only construction period of 18 months with a 40-year, fully amortizing permanent loan. The project is located in the heart of Davis, surrounded by single-family residential and retail properties. Andrew Behrens, Vice Chairman of the CBRE Capital Markets team in San Francisco, co-originated the loan with Mary McDonald, First Vice President of CBRE HMF in San Francisco.
The project is sponsored by Carlton Senior Living, Inc., headquartered in the East San Francisco Bay Area. The group is led by Don Engle and Tom MacDonald, who have extensive experience in the acquisition, development and management of senior care facilities in Northern California. Carlton Plaza of Davis will be the eleventh addition to their portfolio of self-developed and -managed facilities. The group just completed construction on another assisted living / memory care facility located in nearby Elk Grove, CA.
Jayne Hulbert, President of CBRE HMF, commented, “We are pleased to provide this HUD FHA long-term, fixed rate construction/permanent loan at an historically low interest rate. We are excited to be a part of the construction of this great project, which will provide an invaluable service to the City of Davis’s elderly residents and their families.”
About CBRE HMF, Inc.
CBRE HMF, Inc. is a direct HUD FHA lender offering the full array of HUD FHA multifamily mortgage insurance programs. CBRE HMF, Inc. is approved for both Multifamily Accelerated Processing (MAP) and Lean Seniors Healthcare, and offers competitive financing solutions for multifamily rental, cooperative, seniors, and health care properties, including hospitals, for new construction, substantial rehabilitation, moderate rehabilitation, refinance, and acquisition. CBRE HMF, Inc. also specializes in affordable housing involving low income housing tax credits and tax-exempt housing bonds. CBRE HMF, Inc. was created in 2007 by CBRE to expand its multifamily and healthcare lending platform. Please visit our Web site atwww.cbre.com/fha.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.