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. …
Minnesota
Colliers Mortgage Closes Three HUD Loans for Village Cooperative Age-Restricted Properties in Iowa, Minnesota
by Jeff Shaw
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 …
Seasons Living Starts Construction of 130-Unit Broadwell Senior Living in Plymouth, Minnesota
by Jeff Shaw
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.
Associated Bank Provides $29M Construction Loan for Senior Living Development in Bloomington, Minnesota
by Jeff Shaw
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.
Ryan Cos., Great Lakes Management Plan 200-Unit Talamore Senior Living in Woodbury, Minnesota
by Jeff Shaw
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 …
MADISON, Minn. — Kraus-Anderson has started the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.
Colliers Mortgage Originates $5.6M Refinancing for Realife Cooperative of Bloomington in Minnesota
by Jeff Shaw
BLOOMINGTON, Minn. — Colliers Mortgage has originated a $5.6 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington, a 78-unit seniors housing community in Bloomington. The three-story building includes an underground parking garage. Constructed in 1999, the property is restricted to households whose head of household is 62 years or older. The 30.7-year refinancing loan enabled the borrower to reduce the interest rate.
High Street Residential Completes Avidor Minnetonka Active Adult Community in Minnesota
by Jeff Shaw
MINNETONKA, Minn. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Minnetonka, a 168-unit active adult community in Minnetonka. Allegro Management Co. operates the six-story community, which will welcome its first residents later this month. Units are restricted for those over age 55. “There was a shortage of adequate for-rent 55+ seniors housing options in Minnetonka,” says Mary Boehlmer, a senior associate with High Street Residential. “Avidor Minnetonka serves the baby boomer’s growing desire to live in an urban environment, makes economic sense by offering affordable …
Lancaster Pollard Arranges $25M Refinancing for Chaska Heights Senior Living in Minnesota
by Jeff Shaw
CHASKA, Minn. — Lancaster Pollard Mortgage Co. has arranged a $25 million refinancing for Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included Tax Increment Financing (TIF) from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living light units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the …
VICTORIA, Minn. — Bethesda, a national Christian organization that provides homes and other services for people with intellectual and developmental disabilities, is opening Bethesda Cornerstone Village Victoria, located at 1519 82nd St. in Victoria, on Tuesday, Sept. 1. Offering apartments and villas, the community is restricted to adults age 55 or older and independent adults with intellectual and developmental disabilities. Bethesda Cornerstone Village Victoria will feature 37 apartment homes and 15 villa homes, with up to 20 percent of the residences serving people with a disability who live independently. Lutheran …