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Minnesota

AcquisitionsAssisted LivingMinnesotaNews

Lloyd Jones Acquires 89-Unit River Bend Assisted Living in Rochester, Minnesota for $26.5M

by Jeff Shaw

ROCHESTER, Minn. — Lloyd Jones has acquired River Bend Assisted Living and Memory Care, an 89-unit senior living community in Rochester. The property will operate under Lloyd Jones’ proprietary AVIVA brand as AVIVA River Bend. The sales price was not disclosed. Constructed in 2014, the property is 1.5 miles from the original and largest Mayo Clinic. The community stretches over 2.8 acres and includes landscaped walking paths with direct access to the scenic Zumbro River trails. Blueprint Healthcare Real Estate Advisors arranged the $26.5 million sale. Lloyd Jones plans to …

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Memory CareMichiganMinnesotaNewsOhioOperationsUtahWashington

Anthem Memory Care Assumes Management of Nine Communities in Midwest, West

by Jeff Shaw

LAKE OSWEGO, Ore. — Anthem Memory Care has been selected to manage nine memory care communities in Utah, Washington, Minnesota, Michigan and Ohio. The new communities bring Anthem’s portfolio up to 21 properties and mark the Lake Oswego-based operator’s entry into Utah, Washington, Michigan and Ohio. The properties, owned by Irwin Investors, were previously operated by Sinceri and include: Elk Ridge in Maplewood, Minnesota Edgemont Place in Blaine, Minnesota Robinwood Landing in Lansing, Michigan Glenwood in Dublin, Ohio Preserve at Beavercreek in Beavercreek, Ohio Greenfield Estates in Akron, Ohio Pheasant …

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DevelopmentMinnesotaNewsSkilled Nursing

Lakeview Methodist Completes Construction of $24M Skilled Nursing Community in Fairmont, Minnesota

by Jeff Shaw

FAIRMONT, Minn. — Lakeview Methodist Health Care Services has completed construction of a $24 million skilled nursing community in Fairmont, located in the southern part of the state near the Iowa border. The 72-bed, 80,000-square-foot building was created as a “neighborhood concept,” which encourages companionship and sociability among residents. Kraus-Anderson Construction was the builder and Wold Architects and Engineers was the designer.

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Affordable HousingDevelopmentMinnesotaNews

Ecumen Breaks Ground on $24M The Hillock Affordable Community in Minneapolis

by Jeff Shaw

MINNEAPOLIS — Ecumen has broken ground on The Hillock, a 100-unit affordable housing community for seniors in the Longfellow neighborhood of Minneapolis. The project will include 11 units for homeless veterans. The $24 million development is scheduled to open in fall 2022. The site is adjacent to public transit and rents are expected to range from $816 to $1,339 per month. Units are reserved for seniors earning between 30 percent and 60 percent of the area median income. Phase II of the development will add an 89-unit affordable housing building …

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AcquisitionsActive AdultMinnesotaNews

JLL Arranges $27.3M Sale of Active Adult Community Near Minneapolis

by Jeff Shaw

MAPLEWOOD, Minn. — JLL Capital Markets has arranged the $27.3 million sale of Frost English Silver, a newly built, luxury apartment community for residents age 55 and older in Maplewood, a suburb of Minneapolis. The property’s 107 units average 876 square feet each. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the seller, Sherman Associates. Jeff Lepley of JLL arranged acquisition financing on behalf of the buyer, an affiliate of Axial Real Estate Advisors LLC. JLL is providing the seven-year, fixed-rate Fannie Mae loan.

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DevelopmentMinnesotaNews

New Perspective Starts Construction of 146-Unit Community in Arden Hills, Minnesota

by Jeff Shaw

ARDEN HILLS, Minn. — New Perspective has broken ground on New Perspective-Arden Hills, a 192,000-square-foot seniors housing community in the Minneapolis suburb of Arden Hills. The property will offer 146 units of independent living, assisted living and memory care. It is scheduled for completion in early 2023. Co-developers on the project include Boldt, and New Perspective will operate the community upon completion.

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CCRCDevelopmentMinnesotaNews

Ryan Cos. Breaks Ground on 200-Unit Talamore Senior Living Woodbury in Minnesota

by Jeff Shaw

WOODBURY, Minn. — Ryan Cos. US Inc., Great Lakes Management and Artemis Real Estate Partners have broken ground on Talamore Senior Living Woodbury, a 200-unit seniors housing community in Woodbury, just east of St. Paul. Talamore Woodbury will be 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. The age and income qualified households — ages 75 and older earning more than $75,000 a year — in the area are expected to grow by 42.3 percent …

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FinanceMinnesotaNews

HJ Sims Arranges $132.4M Financing for Benedictine Health System

by Jeff Shaw

MINNEAPOLIS — HJ Sims has arranged $132.4 million in financing for Benedictine Health System, a Minneapolis-based nonprofit healthcare system providing long-term care services, congregate housing, assisted living, rehabilitation, healthcare and social services. Historically, most of Benedictine’s affiliates were financed on a standalone basis, resulting in 36 separate loans for 19 different borrowers. The various series of debt were held by eight different banks or servicers with inconsistent terms, covenants and reporting requirements. Benedictine’s board and executive leadership team sought to actualize a capital framework to ensure growth, transformation of service …

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MinnesotaNewsOperationsPeople

Anthem Names Theresa Bigalk as Executive Director of Cascade Creek in Rochester, Minnesota

by Jeff Shaw

ROCHESTER, Minn. — Athem Memory Care has named Theresa Bigalk as executive director of Cascade Creek, a new Anthem Memory Care community scheduled to open this summer in Rochester. She will oversee all daily operations and care at the community. Bigalk most recently was operations manager for Jaybird Senior Living in Cedar Rapids, Iowa. Her two decades of experience also include serving as a senior living operations executive and director of social services throughout Minnesota. Bigalk received a bachelor’s degree in social work degree from Winona State University.

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DevelopmentMemory CareMinnesotaNews

Anthem Memory Care Nears Completion of Cascade Creek in Rochester, Minnesota

by Jeff Shaw

ROCHESTER, Minn. — Anthem Memory Care has neared completion of Cascade Creek, a memory care development in Rochester. The project will be Anthem’s 12th and its first in Minnesota. The company says the number of people with memory care in the state is expected to rise by more than 20 percent by 2025. Cascade Creek features 45 suites that can accommodate 50 residents in a two-story building. The property is scheduled to open this summer.

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