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.
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 …
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 …
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.
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.
MINNEAPOLIS and BLOOMINGTON, Minn. — Lifesprk, a Minneapolis-based community-based services provider, has announced plans to acquire Tealwood Senior Living, a Bloomington-based operator with 35 seniors housing communities. “The current senior housing market, accelerated by the pandemic, created significant opportunity to provide a markedly different approach to senior living,” says Joel Theisen, Lifesprk CEO. “Both Lifesprk and Tealwood are well-positioned to seize that opportunity by joining forces to serve seniors more fully, connecting them to everything they need in one system to age magnificently and transform the way people experience senior …
WAYZATA, Minn. — Senior Living Investment Brokerage has arranged the sale of a 67-unit independent living and assisted living property in Wayzata, approximately 13 miles west of Minneapolis. The 78,000-square-foot property is located on a four-acre plot and was vacant at the time of sale. A nonprofit entity sold the property to a local owner-operator for $7.2 million. The buyer plans to implement a renovation plan before reopening the community Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
RICHFIELD, Minn. — Dwight Capital has provided a $22.2 million HUD-insured loan for the refinancing of Gramercy Park Cooperative at Lake Shore Drive in Richfield, an inner-ring suburb of the Twin Cities. The 157-unit senior living community rises 12 stories on 1.7 acres. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight originated the 223(a)(7) loan on behalf of the undisclosed borrower.
MINNEAPOLIS — ORIX Corp. USA has completed a $44.8 million tax-exempt and taxable bond financing to fund the acquisition of five seniors housing communities that are part of the Coventry Properties of Minnesota. The communities are located within the greater Minneapolis area and total 153 assisted living and memory care units. Coventry develops and operates a portfolio of high-acuity seniors housing communities located throughout Minnesota. Coventry communities focus on providing care for residents who do not need skilled nursing care, but require more assistance than larger assisted living facilities may …
WAYZATA, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Meridian Manor, an independent and assisted living community located in Wayzata, approximately 13 miles west of downtown Minneapolis. Totaling 67 units, the 78,000-square-foot community was built on four acres in 1994. A local owner-operator acquired the community from a nonprofit for $7.2 million. The community was vacant at the time of the sale and the buyer plans major renovations. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
