Regency Palms, an assisted living facility in Oxnard, has received a $12.5 million loan from iBorrow, a bridge loan provider in Los Angeles.
The money will finance renovations. The 59,650-square-foot-facliity at 1020 Bismarck Lane will consist of 102 units with 128 beds. The renovations are expected to be completed in March 2018.
Once completed, the facility will be managed by Meridian Senor Living in North Carolina. The company currently manages Meridian of West Hills, and is the nation’s fifth largest operators of senior living properties.
The property is being developed by Global Premier Development in Irvine, which has already invested approximately $10 million to the property, according to iBorrow.