A planned luxury senior housing community in Long Beach has received an $80 million tranche of financing.
Sunrise Senior Living and Quality Senior Housing Foundation have secured the tax-exempt bond financing for Sunrise of Long Beach, Multi Housing News reported. JLL Capital Markets and HJ Sims arranged the deal through California Public Finance Authority Senior Living Revenue Bonds, according to Multi Housing News.
The property, set to rise at 3340 North Los Coyotes Diagonal, is slated to include 86 units and is being developed by Sunrise Development with W.E. O’Neil Construction serving as general contractor and HIP Architecture designing the property.
Of that housing, 62 will be assisted-living units and 24 is earmarked for memory-care apartments. In total, the property will boast 102 beds. Assisted living units will take the form of studio apartments with private bathrooms and kitchenettes, while memory-care units will include a mix of private and shared suites.
Sunrise of Long Beach will consist of one Spanish Revival building spanning 78,227 square feet. Amenities on site will include a fitness center, a wellness center, various dining venues, a library, a theater, a beauty salon and family gathering spaces as well as four landscaped courtyards.
Virginia-based Sunrise Senior Living also filed plans for a 90-unit housing complex for senior citizens in Glendale. That proposal called for the demolition of a hardware store on Glendale Avenue and replacing it with a three-story building with up to 114 beds.
Currently, Sunrise Senior Living operates a handful of properties in Greater Los Angeles.
That includes assisted living and memory-care housing at Sunrise of Beverly Hills and assisted living, memory-care and short-term stays at Sunrise of Hermosa Beach. Farther south in Orange County, assisted living, memory-care and short-term stays are offered at Sunrise of Yorba Linda and Sunrise of Orange.
Heading north, the firm operates Sunrise of Westlake Village, Sunrise at Sterling Canyon, Varenita of Westlake and Varenita of Simi Valley.
The Sunrise of Long Beach project is expected to be completed in early 2027.
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