Northmarq Secures $50 million in JV Equity for Senior Housing Developer

Amira Portfolio UP

MINNEAPOLIS, MINNESOTA (March 22 2022) – Northmarq is pleased to announce that it has secured $50 million in joint venture equity for a four-property package of senior housing projects located in Minnesota and Colorado. Equity was procured on behalf of the developer, Minneapolis-based United Properties. The joint venture partner is a private equity group.

“Senior housing is a very nuanced asset type, and there were a number of moving parts involved in finding the right equity partner for this deal,” said Patrick Minea, executive vice president and executive managing director who is based in the Minneapolis office of Northmarq. Three of the projects are age-restricted independent living communities in Minnesota and a fourth property is a continuum care community with services located in Colorado. In addition, the properties are in various stages of lease-up and construction.

“One of the keys to successfully sourcing a joint venture partner for this project was our ability to pull expertise from across Northmarq’s national network of offices,” said Minea. That team included experts from the firm’s Minneapolis, Denver, Seattle and Dallas offices who have a cross-section of expertise in senior housing, equity and debt. “We found a private equity source that recognized that this was a great opportunity to do a deal with United Properties, an accomplished developer that has a proven track record in building premier senior housing properties,” added Minea. Northmarq also sourced a $30 million construction loan for the Colorado property.

"This joint venture partnership enables us to generate future growth opportunities through the expansion of our Amira Senior Living portfolio and deliver best-in-class communities for seniors," said Eric Skalland, chief financial officer & executive vice president of Capital Markets, United Properties.

All four assets are United Properties’ Amira branded properties that feature contemporary homes, thoughtfully designed indoor and outdoor spaces, beautifully landscaped grounds and an abundance of amenities and social activities. Properties included in the financing package are:

·        Amira Bloomington: A 133-unit community for 55+ active adults in Bloomington, Minn.

·        Amira Minnetonka: a 186-unit community for 55+ active adults in Minnetonka, Minn.

·        Amira Roseville: A 95-unit community for 55+ active adults in Roseville, Minn.

·        Amira Choice Arvada: A 120-unit community that offers senior living with services across a continuum of care for independent living, assisted living and memory care in Arvada, Colo.

Northmarq team members that helped to facilitate the equity and debt financing include:

·         Patrick Minea, Executive Vice President and Executive Managing Director, Northmarq Minneapolis.

·         Joel Heikenfeld, Senior Vice President and Senior Director, Northmarq Dallas

·         Dave Link, Senior Vice President and Managing Director, Northmarq Denver

·         Stuart Oswald, Senior Vice President and Managing Director, Northmarq Seattle


Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

NM Web Icon News Black

Stay on top of industry research