GLENDALE, Calif. — Dekel Capital has assembled $59.4 million in debt and equity financing for the development of Sage Glendale Senior Living, a 113-bed assisted living and memory care facility in Glendale.
Developed by Willis Development, Sage Glendale Senior Living will feature 81 assisted living units, 24 private memory care units, and four semi-private memory care units.
Slated for completion in first-quarter 2020, the seniors housing community will be located approximately nine miles north of downtown Los Angeles.
The financing consists of a $38.7 million construction loan originated by East West Bank and arranged through Dekel Capital’s advisory practice. The four-year financing, with interest-only monthly payments for the first 36 months of the term, was underwritten at 65 percent loan-to-cost ratio. Dekel also provided $20.7 million in joint venture equity through the firm’s proprietary equity fund Dekel Strategic Investors.