An assisted-living project in Glendale has received $59.4 million in financing to begin construction, demonstrating the growing demand for senior housing.
Willis Development, a West Hollywood-based firm, will build The Sage Glendale Senior Living facility at 509-525 W. Elk Avenue, the Commercial Observer reported. It will include 81 assisted living units and 28 memory care units. Willis, a senior living development firm, projects construction will take about a year.
East West Bank gave a four-year $38.7-million construction loan, and Dekel Capital provided $20.7 million through its investment arm, Dekel Strategic Investors.
According to American Communities Survey data, Glendale has more than 30,000 residents who are 65 or older, and tens of thousands more set to turn 65 years old this year. Median household income is $56,000, which puts it in the middle of the pack of California cities.
Sage Glendale is the only assisted living or senior care facility under construction in the city, according to Dekel principal Shlomi Ronen, who structured the financing. He said the Public Policy Institute of California estimates that by 2030, more than one million seniors will require some assistance with self-care. And in places like San Francisco, seniors have faced 10-year waits for affordable housing.
In October, Related Companies said it would build $3 billion worth of luxury senior housing projects throughout the country, including in Los Angeles. And in Venice, Thomas Safran is moving forward with his 98-unit affordable project for seniors. [CO] – Gregory Cornfield
Source: The Real Deal Los Angeles