Griffin Living has secured a $3 million loan for the acquisition of a development site in Santa Clarita, Calif. This year, the company plans to break ground on a 104-unit senior living facility, with delivery expected in 2024. Hankey Capital provided the financing.
Upon completion, the 109,077-square-foot building is set to incorporate 75 assisted living apartments and 29 memory care units.
The community will feature services such as 24/h care, personalized programs, all day dining, daily task assistance, specialized care, diverse daily activities and wellness-focused amenities.
The site is located at the corner of Camino Del Arte and Copper Hill Drive, in the San Fernando Valley/Ventura County market. Situated in the Santa Clarita submarket, the senior living facility will be in close proximity to a wide range of retail centers, dining options and green areas. The plot is near the intersection of Route 126 and Interstate 5, which provide direct access to downtown Los Angeles.
Last year, Griffin Living opened another property nearby, dubbed Varenita of Simi Valley, a 102-unit senior housing property in Simi Valley, Calif.
New construction rates in senior housing are the lowest since 2014, according to NIC. Meanwhile, occupancy has increased for the seventh consecutive quarter, with the sector still recovering from the early stages of the COVID-19 pandemic.
