As more than 10,000 U.S. baby boomers retire every day, Senior Housing Partners, LLC and Zenith Capital have announced that they are planning to build a new memory care community in Torrance, Calif.
South Bay Memory Care will be located at 2455 Pacific Coast Highway. The community will consist of 48 units providing 56 beds for those in need of memory care services. The project is expected to cost $12.3 million.
Torrance, a coastal community located in southwestern Los Angeles County, has a strong demand for memory care (Alzheimer’s). Construction on the one-acre parcel will start in the third quarter 2016 and will start accepting residents in late 2017.
The developer, Senior Housing Partners, LLC is a privately held company headquartered in Lake Oswego, Oregon. With more than four decades of experience in the seniors housing sector, the company has extensive experience in independent living, assisted living, and memory care services. The principals of Senior Housing Partners have been involved in more than 200 projects, totaling more than $1.5 billion developed, acquired or managed.
Zenith Capital will partner in the project and will oversee its financing. A portion of the project’s overall financing will come through the U.S. government’s EB-5 immigrant investor visa program, and there will be additional equity partners investing into the project as well.
Seattle-based Zenith Capital is a financial services group specializing in capital solutions for the seniors housing industry and has similar projects underway, including Linden Avenue Village in Seattle, WA and Covington Senior Living, Covington, WA. Their team has more than 40 years of experience financing industrial manufacturing, retail, hotel, and seniors housing. Zenith has a $1.7 billion track record that includes bond financing, tax-credit financing, debt placement as well as foreign direct investment.