Canyon Partners Real Estate LLC has furnished $10.6 million of preferred equity to finance ground-up construction of a Class A senior living project in Simi Valley, Calif. The financing for the 101-unit Griffin Plaza was obtained on behalf of Griffin Fine Living. It is Canyon’s third investment with Griffin since 2013.
Within its two-story, 100,000 square foot space, Griffin Plaza will include 75 assisted living units and 26 memory care units. The property is situated within the existing 13-acre Griffin Plaza Retail Center off of the I-118 Freeway and Tapo Canyon Road.
The 35-year-old retail center is undergoing a full-scale renovation that will transform it into a lifestyle center featuring anchor tenants Aldi supermarket and CVS pharmacy.
Demand to increase
“The Simi Valley region is already significantly underserved in senior housing and memory care,” said Paul Griffin, chief executive officer of Griffin Fine Living.
“Demand for high-quality facilities is forecasted to increase, creating a demographics-led investment opportunity. We are pleased Canyon has chosen to partner with us again to develop this project.”
Griffin Plaza will offer a blend of studios, one-bedroom and two-bedroom apartments. Almost 50 percent of the building’s square footage will go to large interior common areas. These include a full-service dining room, coffee and juice bistro, fitness center, salon, arts and crafts room, game room and theater room.
Griffin Plaza will be near an assortment of acute care facilities, among them Simi Valley Hospital, Adventist Health Simi Valley and City of Hope Simi Valley. It will also be located near a wide array of retail options and entertainment opportunities.
In 2017, the National Association of Home Builders (NAHB) bestowed upon Griffin Plaza its Gold Award and Innovation Award for the best 55+ assisted living community.
The property will be operated by Solvere Living, a full-service senior housing management firm with properties throughout the U.S. Slated to begin immediately, the construction of Griffin Plaza is anticipated to be complete by the end of 2019.
Founded in 1991, Canyon has undertaken more than $700 million of debt and equity investments in Southern California over the past five years, supporting the financing of $1.4 billion of assets. Griffin Fine Living is a Calabasas, Calif.-based fifth-generation, privately-held real estate development and construction firm.