Northmarq has secured $50 million in joint venture equity for a four-property seniors housing development pipeline in Minnesota and Colorado. The equity was procured on behalf of the developer, Minneapolis-based United Properties, and its private equity group JV partner.
The four communities include Amira Bloomington, a 133-unit active adult community in Bloomington, MN, Amira Minnetonka, a 186-unit active adult community in Minnetonka, MN, Amira Roseville, a 95-unit active adult community in Roseville, MN, and Amira Choice Arvada, a 120-unit independent living, assisted living and memory care community in Arvada, Colorado. All four properties are in various stages of construction and lease-up. Patrick Minea, Joel Heikenfeld, Dave Link and Stuart Oswald facilitated the equity and also sourced a $30 million construction loan for the Colorado community.
