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ROCHESTER, MINN. — Grandbridge Real Estate Capital has closed a $27.8 million construction loan secured by The Waters on Mayowood, a senior living development in Rochester, a city in southeast Minnesota. Located near the Mayo Clinic and adjacent to the Apache Mall, the 175-unit community is slated to open in late 2014. A local developer is constructing the 276,000-square-foot facility, which will include a four-story assisted living wing with 70 units and six enhanced-care suites, a four-story, 71-unit independent living wing and a two-story, 28-unit memory care wing. The Waters Senior Living, an owner and operator of senior living communities in the Twin Cities, will manage the community. Tony Carlson of Grandbridge originated the loan.