ST. LOUIS PARK and EAGAN, Minn. — Lifespark, a senior health company based in St. Louis Park, has agreed to acquire Eagan-based Livio Health, a wholly owned subsidiary of Blue Cross and Blue Shield of Minnesota that provides in-home health services to people with chronic and complex illness. The purchase agreement will integrate all operational components of Livio Health, as well Livio Health employees, into the current systems and capabilities of Lifespark throughout the state. Concurrent with the announcement, Blue Cross has secured a minority owner stake in Lifespark through …
ST. PAUL, Minn. — Cushman & Wakefield has arranged $16.5 million in financing for a joint venture between The Waters Senior Living and an institutional capital partner. The acquisition loan is for the purchase of The Waters of Highland Park, an 84-unit independent living, assisted living and memory care community in the Highland Park neighborhood of St. Paul. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Bailey Nygard represented the borrower in the transaction. “We originally developed the community and have managed it since opening but we are …
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 …
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 …
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 …
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.
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 …
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 …
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 …
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 & …