LOS ANGELES, April 10, 2023 /PRNewswire/ — Griffin Living, a leading developer of senior living communities, announced that it has acquired a 3 million dollar loan from Hankey Capital to finance the acquisition of land for a new assisted living/memory care building in Santa Clarita, CA.
The new community will be located at the corner of Camino Del Arte and Copper Hill Drive, in close proximity to a range of high-end retail and dining options. The community will offer a full range of services, including 24-hour care, all day dining, a wide array of activities, and luxury amenities. The approved plans by the city have capacity for more than 100 residents.
“We are excited to once again partner with Hankey Capital to finance the acquisition of this land in a high barrier-to-entry market with strong demographics in the category,” said Paul Griffin, CEO of Griffin Living. “The loan closing highlights that even in today’s market, projects with demonstrated demand, experienced developers, and strong operating partners can still access capital.”
The new facility is expected to begin construction this year and open in 2024.
About Griffin Living
Griffin Living is an award-winning, privately-owned real estate development firm headquartered in Westlake Village, CA. The firm was founded by Paul Griffin III, a fifth-generation home builder who has created more than $4.5 billion in value in his forty-year career. This project will represent the eighth assisted living and memory care facility built by Griffin Living in a portfolio in excess of $500 million.
About Hankey Capital
Hankey Capital is a private direct lender originating bridge financing in the $5 million to $300+ million dollar range secured by real estate located in California. Currently, Hankey Capital has over $1.2 billion in loans on its balance sheet.
SOURCE Griffin Living
Originally published at https://www.prnewswire.com/news-releases/griffin-living-secures-3-million-dollar-loan-from-hankey-capital-for-future-site-of-assisted-livingmemory-care-facility-in-santa-clarita-ca-301793618.html
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