$68.96M in Capital Secured by JLL for Minnesota MF Development
JLL Capital Markets has arranged joint venture equity and construction financing, totaling $68.96 million, for Golden Triangle Station, a mid-rise multi-housing development located in the Golden Triangle neighborhood of Eden Prairie, Minnesota.
JLL worked on behalf of the sponsor, Greco and Eagle Ridge Partners, to secure the $47 million competitive construction loan through a regional bank. Additionally, JLL sourced $21.96 million in joint venture equity from Amstar Group. The JLL Capital Markets Advisory Team representing the sponsor was led by Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Mox Gunderson.
The project will break ground this fall and include 237 luxury housing units. As part of Eden Prairie’s inclusionary zoning, roughly a quarter of the units will be rented at 50% and 80% of the area median income (AMI). As a result, the project has received significant support from city staff, which has approved a Tax Increment Financing structure.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.