Developers have secured $23 million in construction financing for an 87-unit assisted living and memory care community in Rolling Hills Estate on the Palo Verdes Peninsula in southern California.
A joint venture between Singerman Real Estate and Darnell Capital are redeveloping a vacant office building into a “luxury three-story, 65,000 sq. ft. senior housing community.” The community will be operated by Cadence Living, a regional operator based in Phoenix, Arizona.
Broker Cushman & Wakefield said in an Aug. 11 statement that its senior housing capital markets team arranged the financing “from a large regional bank with favorable terms.”
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