Canyon Partners Real Estate LLC has provided $10.9 million of preferred equity to Griffin Living to finance the construction of an 86-unit senior living facility in Thousand Oaks, according to Canyon Partners.

The development will include 58 assisted living units and 28 memory care units within a two-story, 77,000-square-foot building.

“The Thousand Oaks community is an underserved area for senior housing and memory care with high projections for unmet demand by 2020, yet this project is currently one of only two senior living developments approved in Thousand Oaks,” said Griffin Living Chief Executive Paul Griffin in a statement. “We continue to expand our strong relationship with Canyon as we partner on the development of this project.”

The transaction represents L.A.-based Canyon Partners’ firm’s fourth deal with Calabasas-based Griffin Living since 2013. Included in those investments, Canyon has collaborated with Griffin Living on three other senior living projects: 2018’s VivaBella at Simi Valley, a 101-unit assisted living and memory care community in Simi Valley; the Viano at Riverwalk in Riverside; and another facility in Georgia.