Grandbridge Real Estate Capital recently closed a $27.8 million first mortgage construction/permanent loan secured by The Waters on Mayowood, a senior living community anticipated to open in late 2014 in Rochester, Minn.
The development loan, originated by Minneapolis-based Tony Carlson, was funded through one of Grandbridge’s banking relationships and featured a construction term, interest-only component, permanent term, and closed with a low interest rate.
Located near the world-renowned Mayo Clinic and adjacent to the Apache Mall, the 175-unit community is being developed by a local Rochester developer and will be operated and managed by The Waters Senior Living, an owner and operator of senior living communities in the Twin Cities.
Living options will include independent living, senior living (with a la carte personal care and health services available as needed), memory and Alzheimer’s care, and enhanced care. The 276,000-square-foot facility will include a four-story assisted-living wing with 70 units and six enhanced-care suites, a four-story independent living wing with 71 units and a two-story memory care wing with 28 units. In addition, 24/7 nursing care is available.
Property amenities include a dining room, state-of-the-art wellbeing center, day spa, library, creative arts studio, club room with golf simulator, and spiritual center designed to host a variety of wellbeing-focused activities, programs and services. The one- and two-bedroom apartment homes include full kitchens, washers and dryers and ample closet space.
