An affiliate of The Inland Real Estate Group of Companies has obtained financing for the acquisition of three independent, assisted living and memory care communities in the Minneapolis-St. Paul, Minn. metropolitan area. On behalf of Inland, The Waters Senior Living will continue as property manager of the communities. JLL represented Inland in the transaction.
“The challenges were primarily capital markets-driven,” Sam Dylag, director for the JLL Senior Housing Capital Markets team, told Multi-Housing News. “The lion’s share of the financing for this particular product was from local, regional, super-regional and national banks, and many of those aren’t very active right now.
“We had to go to dozens of lenders to get the client the terms they were looking for. We’re glad we could be part of the client executing on its business plan.”
Recent builds
The portfolio features The Waters of Edina in the southwestern suburb of Edina, Minn.; The Waters of Plymouth, in Plymouth, a northwestern suburb; and The Waters on 50th, on Minneapolis’ southwestern side. Each of the communities has been developed within the past 10 years.
The Waters of Edina, located at 6300 Colonial Way, features 97 private one- and two-bedroom independent senior living residences and 42 private studio and one-bedroom assisted living and memory care residences. A health and wellbeing center with exercise equipment and hydrotherapy whirlpool tub is among the common area amenities.
The Waters of Plymouth, 11305 Highway 55, features 61 private one- and two-bedroom independent senior living residences, and 28 private studio and one-bedroom assisted living and memory and enhanced care apartment residences. A large back patio overlooking a cottonwood grove is among the common-area amenities.
