$76M in Capital Secured by JLL for Minneapolis MF Development

JLL has secured $76.25 million in financing for Thompson Oaks, a 291-unit multi-housing development along the Robert Street corridor in West St. Paul, Minnesota.

JLL represented the sponsor, Greco and Swervo Management, in facilitating the $63 million, four-year, floating-rate loan through First International Bank & Trust. JLL also sourced $13.25 million from WhiteStar Advisors. The JLL Capital Markets Advisory Team representing the sponsor was led by Josh Talberg, Scott Loving, Will Hintz and Jack Graveline.

Thompson Oaks, located at 150 Thompson Ave., will break ground immediately following closing. The five-story development will offer a mix of alcoves, one-, two- and three-bedroom units, as well as 19 townhome units. Additionally, the development team will lead the renovation and delivery of a former auto parts shop, creating an additional 7,100 square feet of commercial retail space.

The project, which is union-built by Frana Companies and designed by BKV Group, represents the initial phase of a master redevelopment of the former YMCA site.

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