Canyon Partners Real Estate LLC has provided $10.9 million to Griffin Living to finance the construction of a senior living facility based near Westlake Village, California. The project will include 58 assisted living units and 28 memory care units.
Los Angeles, CA – July 16, 2019 – Canyon Partners Real Estate LLC® (“Canyon”) has provided $10.9 million of preferred equity to Griffin Living (“Griffin”) to finance the ground-up construction of a Class A, 86-unit senior living facility located near Westlake Village, CA. This transaction represents Canyon’s fourth investment with Griffin since 2013.
The project will be a first-class senior living community conveniently located off the Thousand Oaks Blvd exit of US Route 101, and will include 58 assisted living units and 28 memory care units within a two-story, 77,000 square foot community. The development is proximate to several medical facilities, including Los Robles Hospital and Medical Center and Thousand Oaks Healthcare Center, as well as convenient lifestyle retail centers, entertainment, and other amenities.
“The Thousand Oaks community is an underserved area for senior housing and memory care with high projections for unmet demand by 2020, yet this project is currently one of only two senior living developments approved in Thousand Oaks. We continue to expand our strong relationship with Canyon as we partner on the development of this project,” said Paul Griffin, Chief Executive Officer of Griffin Living.
Canyon has a long track record of deploying capital in Southern California. Over the past five years, Canyon has made over $600 million of debt and equity investments, supporting the financing of $1.7 billion of assets in Southern California. Canyon has partnered with Griffin Living to finance the development of three other projects: The Viano at Riverwalk apartments in Riverside, CA; the Georgian Lakeside, a 95-unit assisted living and memory care residence in Roswell, GA; and in 2018, VivaBella at Simi Valley, a 101-unit assisted living and memory care community in Simi Valley, CA which was awarded National Association of Home Builders (NAHB) Best 55+ Assisted Living or Special Needs Community on the Boards Gold/Innovation award.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with $26 billion in assets under management. Over the last ten years, Canyon has invested approximately $5 billion of debt and equity capital across over 175 transactions capitalizing $13 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 27 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project states (including development, transitional, and distressed/workouts).
For more information visit www.canyonpartners.com.
About Griffin Living
Griffin Living is a privately owned, family-run company that develops and operates senior living communities throughout the United States. Its mission is to create communities that provide unparalleled service and care with thoughtfully designed living spaces and amenities specifically tailored to meet seniors’ needs and interests. It was founded by CEO and President Paul Griffin III, a fifth-generation homebuilder. He has over 40 years of experience developing award-winning residential homes, apartment complexes, retail centers, and commercial office space, and has amassed a career total of over $2.5 billion in assets developed.
For more information visit www.griffinliving.com.