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Minnesota

CCRCDevelopmentFinanceMinnesotaNews

Ziegler Closes $47M Financing for Construction of Saint Therese Community in Corcoran, Minnesota

by Jeff Shaw

CORCORAN, Minn. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on …

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Affordable HousingDevelopmentMinnesotaNews

CommonBond Begins Construction of The Lumin Affordable Community in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — CommonBond Communities has started construction of The Lumin, which will provide 60 units of housing for seniors in the Highland Bridge development in Saint Paul. Units will be restricted to people age 55 and older who earn 30 percent or less of the area median income (AMI). A project-based Section 8 subsidy allows residents to pay 30 percent of their income in rent. Seven units will be reserved for formerly homeless seniors. The project is scheduled for completion in fall of 2023. The Lumin is the …

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AcquisitionsMinnesotaNews

Ziegler Advises Nesnah Ventures on Sale of Cannon Rivers Community in Cannon Falls, Minnesota

by Jeff Shaw

CANNON FALLS, Minn. — Ziegler has acted as exclusive financial advisor to Nesnah Ventures LLC on the sale of Cannon Rivers Senior Living, a 105-unit senior living community in Cannon Falls. Located about half-way between Minneapolis and Rochester, the community represented the only senior living asset owned by Nesnah Ventures, a Wisconsin-based family office investor. Built in 2008 and originally intended as multifamily apartments, Nesnah Ventures redeveloped the community into senior living to fill a void in the market. The campus includes independent living, assisted living and memory care apartments. …

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AcquisitionsCompany NewsMinnesotaNews

Lifespark to Acquire Home Care Company Livio Health, Receives Investment Stake from Blue Cross and Blue Shield of Minnesota

by Jeff Shaw

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 …

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AcquisitionsFinanceMinnesotaNews

Cushman & Wakefield Secures $16.5M Acquisition Financing for The Waters of Highland Park in St. Paul, Minnesota

by Jeff Shaw

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 …

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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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