RIVERSIDE, CALIF. — CBRE has provided a $24.9 million Fannie Mae refinancing for Welbrook Arlington, a 207-unit independent living, assisted living and memory care community in Riverside.
MBK Senior Living operates the property, located about 55 miles east of Los Angeles, under a third-party management agreement. The borrower is a joint venture between Capitol Seniors Housing and Welbrook Senior Living.
CBRE’s Aron Will arranged the refinancing. CBRE Multifamily Capital originated the 10-year, floating-rate loan with 48 months of interest-only payments through its Fannie Mae DUS Multifamily loan origination program. This is CBRE’s third financing of the property over a five-year period, and its second through Fannie Mae.
Capitol and Welbrook acquired the property in 2013 as an independent living community. Shortly after the acquisition, the new owners executed a capital improvement program to modernize the property and convert one of the buildings into an assisted living and memory care facility. Since that time the property has experienced strong leasing and is currently over 93 percent occupied.