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MinnesotaSeniors Housing

Northmarq provides $50 million for four-property seniors housing portfolio in Minnesota, Colorado

April 28, 2022
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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

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BloomingtonMinnetonkaNorthMarqRoseville
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