Phone: (415) 800-7487
California Hill, a 153-unit, age-restricted apartment community is located in Concord, California. The property was purchased for approximately $17.65 million. A loan was provided to Chateau Senior Living Apartment Associates, LLC, a joint venture between affiliates of Carlton Senior Living Communities and Piedmont Properties. As part of the acquisition, the joint venture assumed approximately $8.9 million of existing financing, consisting of tax-exempt and taxable bond financing, credit-enhanced by Fannie Mae (FNMA), as well as secondary financing provided by Fannie Mae.
California Hill was originally developed in 1991 for active seniors 55 years of age and older. PPG and Carlton re-branded the asset under the "Chateau" label. The mezzanine and bond have been paid off and the entire debt structure replaced with a new $16.5 million first from Fannie Mae at 4.62% with a 30-year amortization. The property is producing significant cash flow to investors and is a long-term hold.