MAPLEWOOD, Minn. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities. The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet. The loan features a 40-year term and amortization.
PLYMOUTH, MINN. — Kraus-Anderson has begun a $41.5 million expansion of Trillium Woods, an independent retirement community in Plymouth, a western suburb of Minneapolis. Trillium Woods is a continuing care retirement community (CCRC) that provides wellness services and levels of senior healthcare, including memory care, skilled nursing and rehabilitation. The 160,321-square-foot, five-story expansion calls for 18 assisted living units, 16 memory care units, 52 independent living units and 67 underground parking spaces. Construction is slated for completion in fall 2025. Pope Design Group was the architect.
MINNEAPOLIS — Helios has arranged a $7.5 million term loan and revolving line of credit for a Minnesota-based provider of specialty memory care services. Helios arranged the 18-month, interest-only financing in support of the borrower’s acquisition of a specialty memory care community in an affluent suburb of St. Paul. The community was stabilized at the time of the acquisition and originally developed by the borrower in partnership with a Chicago-based private equity firm. Prior to the financing, the borrower leased the community from the seller. The financing was sourced through …
MINNEAPOLIS — Health Dimensions Group, a Minneapolis-based operator, has taken over day-to-day operations at Northern Lights Health Care Center and The Oaks at Northern Lights. HDG has been working closely with the communities’ teams since assuming operational oversight of Northern Lights Services on Feb. 1. In addition to Northern Lights Services, HDG manages 48 other senior living and care communities throughout the nation.
ELK RIVER, Minn. — JLL Capital Markets has provided $18.7 million in financing for Elk River Senior Living in Elk River, approximately 30 miles northwest of Minneapolis. The community offers independent living, assisted living and memory care services. The HUD/FHA 232/223(f) loan equates to $173,151 per unit. The community was built in 2018. The loan consolidates five debt obligations from the project’s construction into a single, HUD-insured loan. Jeff Lepley and Alex Sheaffer led the JLL team.
COON RAPIDS, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Homestead at Coon Rapids, a 53-unit assisted living and memory care community in Coon Rapids, a northern suburb of Minneapolis. Built in 1999, The Homestead at Coon Rapids features 29 assisted living units 24 memory care units. The property totals 31,195 square feet on approximately three acres of land. The seller is a large, national nonprofit looking to condense its portfolio to focus on core communities. The buyer is an in-state owner partnering with an …
MANKATO, Minn. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of The Pillars of Mankato, a 118-unit seniors housing community in Mankato, approximately 75 miles southwest of Minneapolis. The community consists of 98 independent and assisted living units alongside 20 memory care units. It was built in 2019 and totals 146,138 square feet on approximately 3.9 acres of land. The undisclosed seller sought funding for continued investments in seniors housing. The buyer is an out-of-state private equity group that will be partnering with the in-place operator to run …
BURNSVILLE, Minn. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville. The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop. The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.
SLEEPY EYE and MAPLEWOOD, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities in Minnesota totaling 338 beds. The two campuses are named Sleepy Eye Care Center and Maplewood Care Center. Maplewood is an eastern suburb of Minneapolis, while Sleepy Eye is approximately 100 miles to the southwest. Sleepy Eye consists of 128 beds and was built in 1972 and 1986. The Maplewood campus consists of 149 beds and 61 units and was built in 1970 and 1995. The properties combined total 194,049 …
MINNEAPOLIS, PLYMOUTH and EDINA, Minn. — JLL Capital Markets it arranged the acquisition financing for three independent living, assisted living and memory care communities in the greater Minneapolis-St. Paul metro. JLL represented the borrower, an affiliate of The Inland Real Estate Group of Companies. The Waters Senior Living will continue to manage the communities for Inland and this transaction expands their relationship to four communities together. The portfolio comprises The Waters of Edina in Edina, The Waters of Plymouth in Plymouth and The Waters on 50th in Minneapolis. The three properties …
