Saint Therese has received $47 million in financing for the construction of Saint Therese of Corcoran, a 153-unit senior living community in Corcoran, Minn. The organization broke ground on the project in September and completion is expected in the spring of 2024.
Ziegler secured the financing, which includes $28.8 million of Series 2023 and $18.2 million of Series 2022AB Senior Living Revenue Notes placed with Bremer Bank. Proceeds from the notes, together with other available funds, will be used for the construction of the community and related costs.
READ ALSO: An Upbeat Take on Senior Housing in the Midwest
Saint Therese of Corcoran is set to encompass 99 independent living apartments, 20 memory care suits and 34 assisted living apartments. Common-area amenities will include wellness areas, restaurant-style dining and indoor/outdoor gathering spaces, as well as a chapel, library, golf simulator and theatre.
The community will take shape on a 13-acre site located south of the City Hall within the Southeast District of Corcoran, some 20 miles from downtown Minneapolis. The development was designed as an urbanist village, featuring a variety of retail shops and businesses, walkable paths and open green areas.
Saint Therese, a Catholic senior living organization, currently provides more than 1,000 units in the Minneapolis-Saint Paul metropolitan area, which feature assisted living, memory care, community wellness, skilled nursing and other services.
