Canyon Partners Real Estate LLC, the real estate direct investing arm of global alternative asset manager Canyon Partners, just made its third equity investment in a seniors housing development, partnering with operator Griffin Living in each project. The latest development is located near Westlake Village, California, and will feature 86 units, 58 for assisted living and 28 for memory care. There are two medical centers nearby, along with retail centers, entertainment and other amenities.
To finance its construction, Canyon Partners provided $10.9 million of preferred equity. The two other senior living projects developed in collaboration between Canyon Partners and Griffin Living are located in Roswell, Georgia (95 units of assisted living and memory care), and Simi Valley, California (a 101-unit AL/MC community).