Northmarq has secured $50 million in joint venture equity for a four-property package of senior housing projects 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.
Three of the projects are age-restricted independent living communities in Minnesota and a fourth property is a continuum-care community with services located in Colorado. In addition, the properties are in various stages of lease-up and construction.
Northmarq also sourced a $30 million construction loan for the Colorado property.
All four assets are United Properties’ Amira-branded properties that feature contemporary homes, thoughtfully designed indoor and outdoor spaces, landscaped grounds and an abundance of amenities and social activities. Properties included in the financing package are:
· Amira Bloomington: A 133-unit community for 55+ active adults in Bloomington, Minnesota.
· Amira Minnetonka: a 186-unit community for 55+ active adults in Minnetonka, Minnesota.
· Amira Roseville: A 95-unit community for 55+ active adults in Roseville, Minnesota.
· Amira Choice Arvada: A 120-unit community that offers senior living with services across a continuum of care for independent living, assisted living and memory care in Arvada, Colorado.
Northmarq team members that helped to facilitate the equity and debt financing include:
· Patrick Minea, Executive Vice President and Executive Managing Director, Northmarq Minneapolis.
· Joel Heikenfeld, Senior Vice President and Senior Director, Northmarq Dallas
· Dave Link, Senior Vice President and Managing Director, Northmarq Denver
· Stuart Oswald, Senior Vice President and Managing Director, Northmarq Seattle