A 113-bed assisted living and memory care facility in Glendale has received $59.4 million in debt and equity financing, banking firm Dekel Capital announced Jan. 29.
The facility, Sage Glendale Senior Living, is being developed by Willis Development. When completed, it will have 81 assisted living units, 24 private memory care units and four semi-private memory care units.
East West Bank gave a $38.7 million construction loan. Dekel arranged the loan and provided $20.7 million in equity.
“The Public Policy Institute of California estimates that by 2030, more than one million seniors will require some assistance with self-care,” said Shlomi Ronen, principal at Dekel, in a 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.”
Sage Glendale is at 509-525 W. Elk Ave.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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