Luxury Twin Cities Senior Housing Secures Refi
A JLL Capital Markets team secured the Fannie Mae loan.
Roers Cos. has received $33.2 million in financing for Risor of Maple Grove, a 169-unit luxury senior housing community in Maple Grove, Minn. JLL Capital Markets secured the five-year, fixed-rate Fannie Mae loan serviced by JLL Real Estate Capital.
Previous debt included a $32.5 million construction loan Roers obtained from First Bank & Trust back in 2021, according to Yardi Matrix data. That note matured last year.
The developer broke ground on the project in 2022. Kaas Wilson Architects designed the four-story building, while Bauer Design Build served as general contractor. Completed in June 2023, the independent senior living community serves individuals over the age of 55.
Located at 9775 Grove Circle N., Risor of Maple Grove incorporates studio, one- and two-bedroom floorplans ranging between 696 and 1,392 square feet. Units feature washers and dryers, stainless steel appliances, fireplaces, walk-in closets and private balconies and patios.
Common-area amenities include a fitness center, a swimming pool, a spa, a club room, a golf simulator, a wine bar, a pickleball court, a sky lounge, outdoor lounges, storage rooms, electric vehicle charging stations and parking spaces.
READ ALSO: Senior Housing Occupancy Keeps Rising. What’s Next?
The 3.2-acre property is close to Interstates 610 and 94, providing easy access across the Greater Minneapolis metro area. North Memorial Health Hospital, Target and several other retail and dining venues are also nearby.
JLL Managing Director Scott Loving, Senior Director Scott Streiff, Vice President Gary Marchiori and Associate Will Hintz from the Debt Advisory team brokered the deal on behalf of Roers. The same brokers helped the firm obtain a a $42.9 million bridge loan to refinance another suburban Minneapolis senior community.
Development in the Twin Cities
Plymouth, Minn.-based Roers Cos. is one of the Twin Cities’ major developers, with more than 14,000 multifamily units completed and under construction across the U.S. The firm’s nationwide portfolio includes market-rate apartments, senior and active 55+ communities, historic redevelopments and affordable tax-credit projects.
In an interview with Multi-Housing News, Executive Vice President Shane LaFave shared valuable insights on the local development landscape, offering his perspective on the region’s ongoing growth and opportunities.
