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Med Metropolis senior housing complicated sells for $22.6M

Share this…FacebookPinterestTwitterLinkedin A Yakima, Wash., firm just lately paid $22.6 million for a Med Metropolis senior housing group in Northwest…

By Staff , in Senior Living , at November 14, 2021

A Yakima, Wash., firm just lately paid $22.6 million for a Med Metropolis senior housing group in Northwest Rochester.

The Wilkinson Household of Cos., underneath the title ALF Employer Minnesota LLC, bought the River Bend Assisted Dwelling & Reminiscence Care complicated at 30 Silver Lake Place NW on Nov. 10.

The complicated, with 71 assisted-living residences and 18 reminiscence care items, is on the financial institution of the Zumbro River. It stands on the previous web site of the Silver Lake Motorcoach RV Park, simply south of the River Heart Plaza buying middle.

Wilkinson helped develop and co-owned the property as a part of a three way partnership with Andy Chafoulias’ Titan Improvement and Investments. Good Neighbor Care Facilities of Eugene, Ore., which is owned by Wilkinson, has managed River Bend because it opened in 2014.

This deal means Titan Improvement has bought its stake to Wilkinson, which is now the only real proprietor. This deal brings Wilkinson’s sole possession of senior residing complexes to 5. River Bend Is the one property in Minnesota.

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Wilkinson made a down fee of $9.32 million because it assumed the mortgage. State paperwork present that the mortgage might be paid in 36 month-to-month installments at a hard and fast rate of interest of 4.73 p.c with a balloon fee of $11.79 million to be made on Nov. 20, 2024.

It value an estimated $15 million to construct the 81,000-square-foot mission in northwest Rochester.

That is the most recent transfer by Titan Improvement, which just lately bought its Andy’s Liquors shops, its Paramark Actual Property Providers actual property agency and moved its company workplaces out of downtown Rochester. It additionally just lately constructed and opened the downtown Hilton lodge in addition to a 45-unit reminiscence care facility referred to as Cascade Creek in southwest Rochester.

Olmsted County estimated the overall market worth of the River Bend property at $8.27 million for 2021-2022.

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