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 …
Minnesota
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 …
ST. PAUL, Minn. — Ryan Cos. has broken ground on the redevelopment of a 122-acre former Ford plant in St. Paul’s Highland Park neighborhood. Named Highland Bridge, the project has a focus on residential, featuring seniors housing, market-rate multifamily housing and 760 units of affordable housing, as well as for-sale row homes. In addition to the project’s 3,800 housing units, Highland Bridge is slated to include 150,000 square feet of retail space, 265,000 square feet of office space and 50,000 square feet of civic or institutional spaces. More than 55 …
FAIRMONT, Minn. — Lakeview Methodist Health Care Services has started construction of a 72-bed skilled nursing facility in Fairmont, located in the southern part of Minnesota near the Iowa border. Wold Architects designed the two-story, 86,000-square-foot property, which Kraus-Anderson Construction will build. Development costs were estimated at $24 million. Construction is slated for completion by fall 2021.
PRIOR LAKE, Minn. — The City of Prior Lake, approximately 25 miles southwest of Minneapolis, has approved development of Summers Ridge Senior Living. Vincent Development is now clear to start construction of the single-story, 40-unit assisted living and memory care community. Great Lakes Management, based in nearby Plymouth, will operate the community upon completion. A construction timeline was not released. Summers Ridge is one of eight projects Vincent Development plans to start in 2020, with other projects ranging up to 200 units in size.
Dougherty Mortgage Provides $15.9M HUD Loan for Trinity Affordable Community in Minneapolis
by Jeff Shaw
MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable senior housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a Project-Based Section 8 HAP contract. The borrower is Trinity Limited Partnership. The property will receive $6.7 million ($56,000 per unit) in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized Low Income Housing Tax …
SAINT PAUL, Minn. — Evans Senior Investments (ESI) has arranged the sale of Coventry of Mahtomedi, a 48-unit assisted living and memory care community in Saint Paul. National Health Investors (NYSE: NHI) acquired the property for $9.2 million or $192,000 per unit. The new owner is bringing in a regional group, 41 Management LLC, to operate the community. The master lease between NHI and 41 Management is for 15 years, includes two five-year renewal options, and has fixed annual escalators at 2.5 percent. ESI represented the undisclosed seller in the …
VICTORIA, Minn. — Watertown, Wis.-based Bethesda Lutheran Communities will break ground this month on Bethesda Cornerstone Village Victoria, an $18 million integrated Christian-focused community for active seniors and independent adults with a developmental disability. The project team includes Kraus-Anderson as construction manager, QPK Design as architect and the Lutheran Church Extension Fund. Located at 1501 82nd St., the 52-unit property will cater to seniors and individuals with an intellectual/development disability who live independently. The new facility will be situated on the site of a Bethesda intermediate care facility, which is obsolete …