CHANHASSEN, Minn. — JLL Capital Markets has negotiated the $5.5 million sale of Olive Branch Estates in Chanhassen, a suburb of Minneapolis. The 24-unit, 28-bed memory care facility was constructed in 2015. The one-story property sits on 4.6 acres. John Klement of JLL represented the seller, a private owner and operator. The buyer, a limited liability company, has retained Elysian Senior Homes to operate the community. The sales price represents a capitalization rate of 8.75 percent.
BLOOMINGTON, Minn. — Lifespace Communities plans to open a healthcare center expansion at Friendship Village of Bloomington later this month. The project adds 16 assisted living apartment homes and five memory care suites to the senior living community, bringing the total communitywide capacity to 42 assisted living apartments and 32 memory care suites. The three-story building is equipped with a secure memory care courtyard. This phase is part of a larger $114.5 million communitywide expansion and redevelopment initiative. The overall project also includes a new independent living building with 93 …
ANDOVER, Minn. — JLL Capital Markets has arranged the sale of The Estates at Arbor Oaks, an active adult community in Andover, a northern suburb of Minneapolis. Estates of Arbor Oaks LLC sold the property to PC Arbor Oaks for $18.8 million. The Estates at Arbor Oaks sits on 12.5 acres and features 66 one-, two- and three-bedroom units. It was 95.5 percent occupied at the time of sale. The JLL Capital Markets team representing the seller was led by Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon. The …
FRIDLEY, Minn. — Axial Real Estate Advisors, in partnership with United Properties and Ivy Properties, has received acquisition and development financing for Willows Bend Senior Living, a seniors housing project in Fridley, a northern suburb of Minneapolis. Willows Bend will be a 136-unit, four-story building with underground parking. Ebenezer Management Services, a division of Fairview Health System, will operate the community upon completion. Groundbreaking is scheduled for later this month, with an anticipated opening in summer 2022. The site, measuring 2.67 acres, is the former home of Fridley City Hall, …
HIBBING, Minn. — The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., has provided two HUD 223(a)(7) loans totaling $7.3 million to refinance two age-restricted multifamily properties in Hibbing, located in the northern part of the state approximately 80 miles south of the Canadian border. The properties, totaling 60 units, include Realife Cooperative of Hibbing and Realife Cooperative of Hibbing South. The market-rate cooperative properties are age restricted to heads of household age 62 or older. The refinancing enabled the borrowers to reduce the interest rates for …
EDINA, Minn. — The Edina Housing Foundation has selected Lupe Development Partners and Ecumen to develop 118 units of affordable seniors housing in Edina. The project will be built on a parcel of land near Southdale Mall that the foundation owns. With rents ranging from $650 to $1,600, the proposed development will be affordable to seniors with household annual incomes ranging from $22,000 to $58,000. Ecumen will manage the property upon completion. The project team will work with the City of Edina to develop public art and community programing components. …
CEDAR FALLS, Iowa, MARSHALLTOWN, Iowa, and AUSTIN, Minn. — The Minneapolis office of Colliers Mortgage has closed three HUD 223(a)(7) loans totaling $18.8 million to refinance three Village Cooperative properties in the Midwest totaling 162 units: Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. All three market-rate properties are restricted to heads of household over age 62. The refinancing allowed the borrowers to reduce the interest rates and realize substantial annual savings. The loans for Village Cooperative of Cedar Falls and Village Cooperative of …
PLYMOUTH, Minn. — Seasons Living has started construction of Broadwell Senior Living in Plymouth, a suburb of Minneapolis. The community will feature 34 independent living units, 72 assisted living units and 24 memory care units in a 160,000-square-foot building. Set to open in summer 2021, Seasons Living will oversee management. The development is a partnership with Goldenrod Cos.
BLOOMINGTON, Minn. — Associated Bank has provided a $29 million loan for the construction of a 133-unit senior living development in Bloomington. Dubbed ThePOINTE Bloomington, the independent living community is the second of a two-phase project on a 7.5-acre site. Phase I, currently under construction, is the 118-unit Cherrywood Pointe community that features assisted living and memory care. ThePOINTE will rise five stories. United Properties is the developer. Jim Vitt of Associated Bank handled the loan closing.
WOODBURY, Minn. — Ryan Cos. and Great Lakes Management have partnered to plan the joint venture’s third Talamore-branded seniors housing community, this one located in Woodbury, just east of the Twin Cities of Minneapolis and St. Paul. The companies acquired the site in mid-September. The planned project features 200 units of independent living, assisted living, memory care and “care suites.” Ryan Cos. will develop, design and build the project, while Great Lakes Management will operate the property upon completion. The companies expect to break ground by mid-2021, with the planned …