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$60M Secured for a Minnesota Community Development
JLL Capital Markets has arranged mezzanine and construction financing totaling $60.14 million for Avalon Apartments and Townhomes, a mid-rise multifamily and townhome development located in Minnesota.
JLL worked on behalf of the borrower, a St. Cloud-based Trident Development, to secure the $45 million competitive construction loan from Alerus, a provider of business and consumer banking products and services based out of North Dakota. JLL also sourced $15.14 million in mezzanine financing from Centerspace, a real estate investment trust focused on the ownership, management, acquisition and redevelopment of apartment communities.
The project is set to break ground immediately and will include 244 luxury housing units, as well as 193 structured parking spaces. Once complete, the property will feature studio, one-bedroom, two-bedroom and three-bedroom units.
