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Monday, Nov 25, 2024

Calabasas Developer Secures $10.6M to Build Simi Valley Senior Complex

Canyon Partners Real Estate has provided $10.6 million in preferred equity financing to Calabasas developer Griffin Fine Living to build a senior living community in Simi Valley, according to Multi-Housing News. Griffin Plaza Senior Living has been conceived as a two-story complex replete with 100,000 square feet of space and including 75 assisted living units and 26 memory care units, for a total of 101 units. Amenities will include an arts and crafts room, a salon and a juice bistro. The property will be situated within the existing 13-acre Griffin Plaza Retail Center near the 118 freeway and Tapo Canyon Road. Construction has been set to begin immediately with a late 2019 completion date. Solvere Living, a full-service senior housing management firm with properties throughout the United States, will operate the complex. Canyon Partners, which was founded in 1991, has undertaken more than $700 million of debt and equity investments in Southern California over the past five years.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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