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AcquisitionsAffordable HousingMinnesotaNews

Standard Communities Acquires Rivertown Commons Affordable Community in Stillwater, Minnesota for $27.8M

by Jeff Shaw

STILLWATER, Minn. — Standard Communities has made its first investment in Minnesota, acquiring Rivertown Commons, a 96-unit affordable seniors housing community in Stillwater.  The transaction is capitalized at $27.8 million.  Stillwater is located along the St. Croix River separating Minnesota from Wisconsin, just east of the Twin Cities area. Standard completed the acquisition in partnership with the Washington County Community Development Agency and the Minnesota Housing Finance Agency (MHFA). Huntington Bank provided the tax credit equity. Standard will preserve and extend the affordability of Rivertown Commons, with resident income restricted to …

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Memory CareMinnesotaNewsPeople

Anthem Appoints Tiffany Bell as Executive Director of Community in Rochester, Minnesota

by Jeff Shaw

ROCHESTER, Minn. — Anthem Memory Care has promoted Tiffany Bell to executive director for Cascade Creek in Rochester, approximately 100 miles southeast of Minneapolis.  Bell most recently was life engagement director for Cascade Creek. Previously she was life enrichment director for Prairie Meadows Senior Living in Kasson.  The certified dementia practitioner brings over 23 years of senior living experience to this position. She received a bachelor’s degree in psychology with a minor in gerontology and family studies from University of Wisconsin-Eau Claire.

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AcquisitionsAssisted LivingMinnesotaNews

SLIB Negotiates Sale of 20-Unit Diamond Willow Assisted Living in Alexandria, Minnesota

by Jeff Shaw

ALEXANDRIA, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Diamond Willow Assisted Living & Memory Care, a 20-unit community in Alexandria, approximately 130 miles northwest of Minneapolis. Built in 2006, the 15,483-square-foot community sits on nearly three acres of land. A private equity firm divesting of a geographic outlier sold the asset to a nonprofit looking to expand in Minnesota. The price was not disclosed. Jason Punzel, Vince Viverito, Brad Goodsell and Jake Anderson led the transaction for SLIB.

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AcquisitionsAffordable HousingMinnesotaNews

JLL Arranges Sale of 96-Unit Rivertown Commons Affordable Community in Stillwater, Minnesota

by Jeff Shaw

STILLWATER, Minn. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater.  The seven-story building totals 55,800 square feet.  Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, an investment firm that specializes in affordable and workforce housing. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions.  C.W. Early, Ken Dayton and Pat McMullen of …

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Affordable HousingDevelopmentMinnesotaNews

Volunteers of America Completes 80-Unit Nolte River Place Affordable Community in Anoka, Minnesota

by Jeff Shaw

ANOKA, Minn. — Volunteers of America National Services has opened Nolte River Place, an affordable seniors housing development in Anoka, a suburb north of Minneapolis. The 80-unit community provides one- and two-bedroom units, eight units for formerly unhoused veterans and 10 designated units for Project Rental Assistance Contracts (PRAC) vouchers.  Nolte River Place is near the Rum River Trail, Northstar Line commuter rail and downtown Anoka.

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Active AdultAffordable HousingDevelopmentMinnesotaNews

Lupe Development Completes 200-Unit Wirth on the Woods Mixed-Income Community in Minneapolis

by Jeff Shaw

MINNEAPOLIS — Lupe Development has opened Wirth on the Woods, a 200-unit mixed-income seniors housing community in the Bryn Mawr neighborhood of Minneapolis. The campus includes 100 units of affordable seniors housing in a six-story building (The Theodore) and 100 units of market-rate active adult housing (The Eloise) in a second six-story building. The development includes a new regional storm pond, outdoor classroom and play area for the adjacent Anwatin Middle and Bryn Mawr Elementary schools, as well as shared amenities for the senior campus. The affordable housing at The …

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Active AdultDevelopmentFinanceMinnesotaNews

Colliers Mortgage Provides $20.9M HUD Loan for Construction of Seniors Housing Community in Minnesota

by Jeff Shaw

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.

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CCRCDevelopmentMinnesotaNews

Kraus-Anderson Begins $41.5M Expansion of Trillium Woods in Plymouth, Minnesota

by Jeff Shaw

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.

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AcquisitionsFinanceMinnesotaNews

Helios Arranges $7.5M Financing Package for Minneapolis-Based Operator

by Jeff Shaw

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 …

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AcquisitionsMinnesotaNewsOperations

Health Dimensions Group Appointed to Manage Northern Lights Services Inc.

by Jeff Shaw

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.

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