Associated Bank closed a $29 million construction loan to United Properties for the development of a 133-unit senior living community in Bloomington, Minnesota.
The project is located at the southwest quadrant of the Interstate-494 and Normandale Blvd. intersection in the Normandale Lakes Business Park in Bloomington.
ThePOINTE Bloomington, an independent-living rental community for residents 55 and older, is the second phase of a two-phase redevelopment on a 7.5-acre site. Phase 1, currently under construction, is the 118-unit Cherrywood Pointe community with health services that include assisted living, enhanced care and memory care.
The newer phase will be a five-story building consisting of one-bedroom, one-bedroom-plus-den, two-bedroom plus den and three-bedroom apartments. Units will feature high-end finishes with quartz countertops, stainless steel appliances, kitchen islands, deck or patio, in-unit washer/dryer and walk-in closets.
Amenities include a pickleball court, patios with grilling stations, outdoor pool, clubhouse with kitchen, community room with kitchen, fitness center with yoga room, kids’ playroom, craft room, business center and rooftop deck with a sky lounge.
Jim Vitt, market manager for Associated Bank’s Minnesota commercial real estate division, handled the closing.
