California + Los Angeles + Senior Housing | February 1, 2019

Dekel Secures $59M for Development of Glendale Senior Facility

Los Angeles-based Dekel Capital has assembled $59.4 million in debt and equity financing for the development of a 113-bed assisted living and memory care facility in Glendale, CA. Sage Glendale Senior Living will be developed by Willis Development, and consist of 81 assisted living units, 24 private memory care units, and four semi-private memory care units.

The financing consists of a $38.7 million construction loan originated by East West Bank and arranged through the real estate merchant banking firm’s advisory practice. The four-year financing, with interest-only monthly payments for the first 36 months of the term, was underwritten at 65% LTC. Dekel also provided $20.7 million in joint venture equity through the firm’s proprietary equity fund Dekel Strategic Investors.

Amenities include a community garden, library, theater, classrooms, exercise area, commercial kitchen and beauty salon. Sage Glendale is located at 509-525 W. Elk Ave. It is expected to be completed in Q1 2020.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.