Ziegler announced the closing of $47 million in construction financing for a new senior living community in Corcoran, Minnesota (Minneapolis MSA). Saint Therese of Corcoran, LLC, and its sponsor, Saint Therese, will comprise 99 independent living units, 34 assisted living units and 20 memory care units and sits on a 13-acre site. The financing comprises $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Campus-wide amenities will include restaurant-style dining, outpatient therapy and wellness areas, as well as indoor and outdoor social gathering spaces.
Organized in 1965 as a single-site nursing home in New Hope, Minnesota, the Saint Therese senior living organization consists of roughly 1,000 units of independent living, assisted living, memory care and skilled nursing, in addition to inpatient/outpatient therapy, community wellness, and other related services in the Minneapolis-St. Paul metropolitan area.
