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Affordable HousingDevelopmentMinnesotaNews

Lupe Development Breaks Ground on 200-Unit Wirth on the Woods in Minneapolis

by Jeff Shaw

MINNEAPOLIS — Lupe Development has broken ground on Wirth on the Woods, a 200-unit seniors housing community in the Bryn Mawr neighborhood of Minneapolis. The senior housing campus includes 100 units of affordable seniors housing in a six-story building named The Theodore as well as 100 units of market-rate seniors housing in another six-story building known as The Eloise. These properties will share amenities including an outdoor courtyard, garden, greenhouse, pond and walking trails. The nonprofit organization Ecumen will operate the community. Construction is scheduled for completion in late summer …

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AcquisitionsMinnesotaNewsSkilled Nursing

Blueprint Negotiates Sale of Two Skilled Nursing Facilities in Minnesota

by Jeff Shaw

MINNEAPOLIS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two skilled nursing facilities totaling 234 beds in Minnesota. A Minnesota-based regional owner-operator sold the properties to a national owner looking to expand its tenant relationships in the state. The price was not disclosed. One facility is located within the Minneapolis metro area, while the second is located approximately 2.5 hours north of the Twin Cities. Both facilities were of older vintage, having originally been built in the early to mid 1960s, though both had recently undergone renovations …

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AcquisitionsMinnesotaNews

SLIB Arranges Sale of 84-Unit River Oaks Community in Anoka, Minnesota

by Jeff Shaw

ANOKA, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of River Oaks, an 84-unit independent living and assisted living community in Anoka, a northern suburb of Minneapolis. Built in 1988, the 90,000-square-foot is located on 1.7 acres. The seller is a real estate development company that focuses on multifamily and sought to divest River Oaks to concentrate on its core assets. The buyer is a large nonprofit headquartered in Minnesota. The buyer plans to refresh and rebrand the community over time. The price was not disclosed. Jeff …

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Affordable HousingFinanceMinnesotaNews

Colliers Mortgage Provides $25.2M HUD-Insured Refinancing for The Winslow in West St. Paul, Minnesota

by Jeff Shaw

WEST ST. PAUL, Minn. — Colliers Mortgage has provided a $25.2 million HUD 223(f) loan for the refinancing of The Winslow in West St. Paul. The 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median income. WSP Senior Housing I LLLP was the borrower. The fixed-rate loan is fully amortized over 35 years. Colliers Mortgage previously provided a construction loan for the property in 2018.

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AcquisitionsAssisted LivingMinnesotaNews

Transwestern Brokers Sale of Hiawatha Suites in Minneapolis

by Jeff Shaw

MINNEAPOLIS — Transwestern Real Estate Services, through its Midwest Capital Markets team, has brokered the sale of Hiawatha Suites, an assisted living and memory care facility in Minneapolis. Transwestern’s Harrison Wagenseil and Erik Coglianese represented the seller, a local developer of multifamily, single-family and assisted living facilities, in the transaction. The buyer was not disclosed. While the price and number of units were not disclosed, the price represents over $200,000 per bed. “In the senior and assisted living space, COVID had a particularly poignant impact on values and occupancy,” says …

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AcquisitionsAssisted LivingMinnesotaNews

Blueprint Brokers Sale of 86-Unit Valleyview of Owatonna in Minnesota

by Jeff Shaw

OWATONNA, Minn. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Valleyview of Owatonna, an 86-unit assisted living community in Owatonna, 40 miles west of Rochester. Chicago-based private equity firm HAN Capital sold the asset to an undisclosed buyer for $7.4 million. Valleyview is positioned as the value-based market provider and its services are supported by Minnesota’s Elderly Waiver and CADI waiver programs that allow for sustainable state reimbursement for income-qualified residents. Having reached its peak occupancy in 2020 with only limited private pay residents, Valleyview was generating …

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ColoradoDevelopmentFinanceMinnesotaNews

Northmarq Arranges $50M in JV Equity for Four Developments in Minnesota, Colorado

by Jeff Shaw

MINNEAPOLIS — Northmarq has secured $50 million in joint-venture equity for a four-property seniors housing development pipeline in Minnesota and Colorado. Equity was procured on behalf of the developer, Minneapolis-based United Properties. The joint-venture partner is a private equity group. The Northmarq team members that facilitated the equity and debt financing included Patrick Minea, Joel Heikenfeld, Dave Link and Stuart Oswald. All four assets are under United Properties’ Amira brand and are in various states of construction and lease-up. The projects include: Amira Bloomington, a 133-unit active adult community in …

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AcquisitionsMinnesotaNews

Walker & Dunlop Arranges Sale of Five-Property Portfolio in Minneapolis

by Jeff Shaw

MINNEAPOLIS — Walker & Dunlop Investment Sales has arranged the sale of five Class A seniors housing communities in Minneapolis. Minnetonka-based Roers Cos. developed the communities, which Walker Methodist and Jaybird Senior Living operate. The communities opened between 2018 and 2021. The portfolio consists of 567 independent living, assisted living and memory care units.  The buyer, an affiliate of Lone Star Funds, will utilize Grace Management to oversee daily operational responsibilities. The price was not disclosed. This is Minnesota’s largest-ever sale for a senior living portfolio, according to Walker & …

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AcquisitionsMinnesotaNews

Cushman & Wakefield Arranges Sale of 175-Unit Waters on Mayowood in Rochester, Minnesota

by Jeff Shaw

ROCHESTER, Minn. — Cushman & Wakefield has arranged the sale of The Waters on Mayowood, a 175-unit independent living, assisted living and memory care community in Rochester. The seller was a joint venture between The Waters Senior Living, Harrison Street Real Estate Capital and North Rock Real Estate. A private buyer acquired the property for an undisclosed price, and will retain The Waters as operator. The property was originally constructed in 2015 and has averaged over 96 percent occupancy since January 2018. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam …

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AcquisitionsAffordable HousingIllinoisMinnesotaNewsOhioOperationsVirginia

Evergreen Real Estate Group to Operate 1,377-Unit Portfolio in Illinois, Minnesota, Ohio, Virginia

by Jeff Shaw

CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage multifamily communities comprising a total of 1,377 units across Illinois, Minnesota, Ohio and Virginia. The assignments include a mix of market-rate units and affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to more than 10,000 units throughout the U.S. “While some of the new management contracts were underway just before COVID-19, many started during the pandemic, and we have taken great care to help residents of each community navigate these uncertain times,” says Steve …

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