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Minnesota

CCRCDevelopmentMinnesotaNews

Kraus-Anderson Completes $91.8M Expansion at Friendship Village in Bloomington, Minnesota

by Jeff Shaw

BLOOMINGTON, Minn. — Kraus-Anderson (KA) has completed a $91.8 million expansion of Friendship Village, a senior living campus located in Bloomington. Lifespace Communities is the property owner. SAS Architects and Planners designed the 380,294-square-foot project, which adds a five-story independent living and assisted living building with 93 apartments. The expansion also features a three-story skilled nursing building and three-story health center with a physical and occupational therapy gym and memory care suites. Construction began in August 2019. Lifespace plans to open the new areas in November.

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FinanceMinnesotaNewsOhioSkilled NursingWisconsin

Dwight Mortgage Trust Funds $29.5M Bridge Loan for Midwest Healthcare Portfolio

by Jeff Shaw

MINNESOTA, OHIO and WISCONSIN — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, provided a $29.5 million bridge loan for a portfolio of five skilled nursing and assisted living facilities in Minnesota, Ohio, and Wisconsin: The Landing at Stow, Evansville Manor Nursing and Rehabilitation, Edenbrook Fond du Lac, Edenbrook of Rochester, and Edenbrook of Edina.  Together, the facilities consist of 441 beds across 25 acres. The purpose of the loan was to refinance three of the facilities and acquire the other two. Dwight has financed over 20 facilities for …

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Active AdultDevelopmentMinnesotaNews

Goodman Group Breaks Ground on 70-Unit Expansion at The Lakes at Stillwater in Minnesota

by Jeff Shaw

STILLWATER, Minn. — The Goodman Group has broken ground on Sandhill Shores, the third phase of construction at The Lakes at Stillwater in Stillwater, located along the Wisconsin border east of Minneapolis-St. Paul. Sandhill Shores offers 70 one- and two-bedroom luxury apartments for residents over age 62.  The project is scheduled for completion in summer 2024.

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DevelopmentMinnesotaNews

Ryan Cos., Great Lakes Management Complete 200-Unit Talamore Senior Living Woodbury in Minnesota

by Jeff Shaw

WOODBURY, Minn. — A partnership between Ryan Cos. US Inc. and Great Lakes Management have completed construction of Talamore Senior Living Woodbury in Woodbury, just east of Minneapolis-St. Paul. Talamore Woodbury is a four-story, 245,00-square-foot senior living community with 90 independent living units, 70 assisted living units, 26 memory care units and 14 care suites. Construction began in September 2021. This is the second Talamore senior living community in the state and the third through the partnership between Ryan and Great Lakes. The property is also the second joint venture …

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MichiganMinnesotaNewsOhio

Life Care Services Adds 10 Midwestern Communities to Operational Portfolio

by Jeff Shaw

DES MOINES, Iowa — Life Care Services has been selected to manage 10 senior living communities owned by an affiliate of Lone Star Funds. The combined communities include a total of 1,079 apartments that include 300 independent living, 455 assisted living and 324 memory care units. The properties include: The Avalon of Auburn Hills, Auburn Hills, Mich. The Avalon of Bloomfield Township, Bloomfield Township, Mich. The Avalon of Commerce Township, Commerce Township, Mich. The Avalon of Lewis Center, Lewis Center, Ohio The Avalon of New Albany, New Albany, Ohio Havenwood …

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DevelopmentMinnesotaNews

New Perspective Opens 10th Twin Cities Location in Arden Hills, Minnesota

by Jeff Shaw

ARDEN HILLS, Minn. — New Perspective has completed a 146-unit seniors housing community in Arden Hills, a suburb of Minneapolis-St. Paul. The 192,000-square-foot community offers independent living, assisted living and memory care services. The property is New Perspective’s 10th in the Twin Cities metro area. New Perspective Arden Hills will partner with Bethel University, the community’s next-door neighbor, in providing a variety of campus opportunities for those living in the building.

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CCRCDevelopmentFinanceMinnesotaNews

Ziegler Closes $47M Financing for Construction of Saint Therese Community in Corcoran, Minnesota

by Jeff Shaw

CORCORAN, Minn. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on …

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Affordable HousingDevelopmentMinnesotaNews

CommonBond Begins Construction of The Lumin Affordable Community in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — CommonBond Communities has started construction of The Lumin, which will provide 60 units of housing for seniors in the Highland Bridge development in Saint Paul. Units will be restricted to people age 55 and older who earn 30 percent or less of the area median income (AMI). A project-based Section 8 subsidy allows residents to pay 30 percent of their income in rent. Seven units will be reserved for formerly homeless seniors. The project is scheduled for completion in fall of 2023. The Lumin is the …

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AcquisitionsMinnesotaNews

Ziegler Advises Nesnah Ventures on Sale of Cannon Rivers Community in Cannon Falls, Minnesota

by Jeff Shaw

CANNON FALLS, Minn. — Ziegler has acted as exclusive financial advisor to Nesnah Ventures LLC on the sale of Cannon Rivers Senior Living, a 105-unit senior living community in Cannon Falls. Located about half-way between Minneapolis and Rochester, the community represented the only senior living asset owned by Nesnah Ventures, a Wisconsin-based family office investor. Built in 2008 and originally intended as multifamily apartments, Nesnah Ventures redeveloped the community into senior living to fill a void in the market. The campus includes independent living, assisted living and memory care apartments. …

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