Northmarq Arranges $50M in JV Equity for Four Developments in Minnesota, Colorado

MINNEAPOLIS — Northmarq has secured $50 million in joint-venture equity for a four-property seniors housing development pipeline in Minnesota and Colorado.

Equity was procured on behalf of the developer, Minneapolis-based United Properties. The joint-venture partner is a private equity group.

The Northmarq team members that facilitated the equity and debt financing included Patrick Minea, Joel Heikenfeld, Dave Link and Stuart Oswald.

All four assets are under United Properties’ Amira brand and are in various states of construction and lease-up. The projects include:

• Amira Bloomington, a 133-unit active adult community in Bloomington, Minn.
• Amira Minnetonka, a 186-unit active adult community in Minnetonka, Minn.
• Amira Roseville, a 95-unit active adult community in Roseville, Minn.
• Amira Choice Arvada, a 120-unit independent living, assisted living and memory care community in Arvada, Colo.

Northmarq also sourced a $30 million construction loan for the Colorado property.