Capital Funding Group (CFG) announced that it provided a $40 million loan to refinance an assisted living/memory care community in Simi Valley, California, with Meridian Capital Group arranging the transaction. Griffin Living, a large privately held real estate developer, obtained the loan, which repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. Opened in February 2022, the Class A community has 75 assisted living and 27 memory care units, and was over 50% preleased.
This was the second financing CFG has executed for Griffin Living’s California community portfolio. In June 2022, CFG also closed a $32.9 million construction loan for Griffin to build Varenita of Temecula, a 108-unit assisted living and memory care community in Temecula, California.
