Willis Development has secured $59.4 million to build a new assisted living and memory care facility in Glendale.
The debt and equity financing was assembled by real estate merchant banking firm Dekel Capital. The financing consists of a $38.7 million construction loan originated by East West Bank and arranged through Dekel Capital’s advisory practice.
The Sage Glendale Senior Living will consist of 81 assisted living units, 24 private memory care units and four semi-private memory care units. Amenities will include community garden, library, theater, classrooms, exercise area, commercial kitchen and beauty salon.
The site is located at 509-525 W. Elk Avenue in Glendale, nine miles north of downtown Los Angeles. It is expected to be completed in the first quarter of 2020.
“The Public Policy Institute of California estimates that by 2030, more than one million seniors will require some assistance with self-care,” Dekel principal Shlomi Ronen said in a press statement. “In Glendale, where there are fewer than 20 facilities to serve a growing senior population of more than 200,000, this financing will help Willis Development meet the current and future demand for quality senior housing in what is the third largest city in Los Angeles County.”
