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Med City senior housing complex sells for $22.6M

The Wilkinson Family of Cos., under the name ALF Employer Minnesota LLC, purchased the River Bend Assisted Living & Memory Care complex at 30 Silver Lake Place NW on Nov. 10.

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A Yakima, Wash., company recently paid $22.6 million for a Med City senior housing community in Northwest Rochester.

The Wilkinson Family of Cos., under the name ALF Employer Minnesota LLC, purchased the River Bend Assisted Living & Memory Care complex at 30 Silver Lake Place NW on Nov. 10.

The complex, with 71 assisted-living apartments and 18 memory care units, is on the bank of the Zumbro River. It stands on the former site of the Silver Lake Motorcoach RV Park , just south of the River Center Plaza shopping center.

Wilkinson helped develop and co-owned the property as part of a joint venture with Andy Chafoulias ’ Titan Development and Investments. Good Neighbor Care Centers of Eugene, Ore., which is owned by Wilkinson, has managed River Bend since it opened in 2014.

This deal means Titan Development has sold its stake to Wilkinson, which is now the sole owner. This deal brings Wilkinson's sole ownership of senior living complexes to five. River Bend Is the only property in Minnesota.

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Wilkinson made a down payment of $9.32 million as it assumed the mortgage. State documents show that the mortgage will be paid in 36 monthly installments at a fixed interest rate of 4.73 percent with a balloon payment of $11.79 million to be made on Nov. 20, 2024.

It cost an estimated $15 million to build the 81,000-square-foot project in northwest Rochester.

This is the latest move by Titan Development, which recently sold its Paramark Real Estate Services real estate firm and moved its corporate offices out of downtown Rochester. It also recently built and opened the downtown Hilton hotel as well as a 45-unit memory care facility called Cascade Creek in southwest Rochester.

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

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