An assisted living and memory care facility has received more than $16 million in financing to break ground this month in Thousand Oaks.

Sage Mountain Senior Living, a 130-unit, 58,200-square-foot facility, has been funded by Century City’s Dekel Capital Inc., a private equity and capital advisory firm, as a joint venture between Dekel and Willis Development of West Hollywood. Willis focuses on senior living communities.

The $50 million project, an amount that includes the purchase of the 56-acre site, will be financed by Dekel’s multifamily and senior housing-focused equity fund, Dekel Strategic Investors, said Shlomi Ronen, Dekel’s managing principal. That fund was formed to meet what the company said is a need for senior housing projects amid an increasing 65-and-older population.

The four-story building, to be built on roughly 8 acres at 3499 Grande Vista, will house 98 assisted living units and 32 memory care units averaging 453 square feet. Amenities will include a salon, fitness room, library and a 41-space underground parking garage. The facility will be visible from the 101 Freeway. Forty-eight acres will be deeded to the city as open space, Ronen said.

“This is the first new senior housing project to be built in Thousand Oaks in several years,” Ronen said. “It took two years to get entitlements and to get city permits approved after working with numerous city agencies, due to the proximity to the 101.”

Construction is scheduled for completion in early 2018.