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AcquisitionsMemory CareMinnesotaNews

SLIB Negotiates Sale of 65-Unit Memory Care Community in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Alton, a 65-unit memory care community in St. Paul. The community was built in 2008. It totals 52,516 square feet on approximately 0.88 acres of land. The seller was a multifamily owner/developer looking to focus on its market-rate portfolio. The buyer was an experienced home health operator in the Minnesota market looking to grow its presence in traditional senior living real estate investments. The price was not disclosed. Jason Punzel, Jake Anderson, Brad Goodsell and …

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Assisted LivingDevelopmentMinnesotaNews

Coventry Holdings of Minnesota Opens Suite Living Senior Care Community in White Bear Lake

by Jeff Shaw

WHITE BEAR LAKE, Minn. — Coventry Holdings of Minnesota has opened its 18th Suite Living Senior Care community, located in a northeastern suburb of Minneapolis. The floor plan for each Suite Living community is identical, offering a 21,500-square-foot, single story residence that provides 32 single-occupant care suites serving both assisted living and memory care needs.  All Suite Living Senior Care communities are owned by Coventry and professionally managed by Suite Living Senior Care Inc, a wholly owned division of Coventry. All Suite Living communities are located in highly visible suburban …

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CCRCDevelopmentMinnesotaNews

Lyngblomsten Opens 168-Unit CCRC in Lino Lakes, Minnesota

by Jeff Shaw

LINO LAKES, Minn. — Lyngblomsten, a Minnesota-baed nonprofit senior services organization, has opened Lyngblomsten at Lino Lakes, approximately 20 miles northeast of Minneapolis. Located on 16 acres, Lyngblomsten at Lino Lakes is home to 20 detached rental townhomes and a multi-level senior living building that includes 96 independent living apartments, 35 assisted living apartments and 17 memory care suites. A second phase is planned to later add a skilled nursing wing. This is Lyngblomsten’s first continuing care retirement community (CCRC) campus to be constructed since 1912 (the other being its …

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AcquisitionsIndependent LivingMinnesotaNews

SLIB Negotiates Sale of 120-Unit The Wellington in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Wellington, a 120-unit independent living and assisted living community in St. Paul. The community was built in 1985 and encompasses 124,468 square feet on 1.7 acres. The seller was a multifamily owner/developer looking to focus on its market-rate portfolio. The buyer was a large seniors housing nonprofit looking to expand its footprint in Minnesota. The price was not disclosed. The buyer plans to convert the building to all independent living. Jason Punzel and Jake Anderson …

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AcquisitionsAssisted LivingMinnesotaNews

Vista Prairie Communities Acquires Two Ridgeway Properties in New Ulm, Minnesota

by Jeff Shaw

NEW ULM, Minn. ­— Ridgeway Senior Living and Vista Prairie Communities have completed the transition of ownership for both HADC Ridgeway senior communities located in New Ulm, approximately 90 miles southwest of Minneapolis.  The two properties, Ridgeway on German and Ridgeway on 23rd, provide assisted living and memory care services in 116 apartments. Housing Alternatives Development Corp. (HADC) and Vista Prairie Communities (VPC), both Minnesota-based nonprofits, completed the ownership transition effective Sept. 30. Vista Prairie Communities, ranked in the nation’s 200 largest nonprofit senior living multi-sites, will now own 10 …

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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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