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Minnesota

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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AcquisitionsMinnesotaNewsOperationsWisconsin

Lifesprk to Acquire Tealwood Senior Living, Bill Thomas to Spearhead New Model

by Jeff Shaw

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 …

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AcquisitionsMinnesotaNews

SLIB Negotiates $7.2M Sale of Community in Wayzata, Minnesota

by Jeff Shaw

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.

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FinanceMinnesotaNews

Dwight Capital Provides $22.2M HUD Refinancing for Gramercy Park Cooperative in Minnesota

by Jeff Shaw

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.

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