News release

University & Raymond apartments to be built in St. Paul, MN

JLL Capital Markets secured $44.05M in construction financing for the development  

January 05, 2021

MINNEAPOLIS, January 5, 2021 – JLL Capital Markets announced today that it has arranged $44.05 million in construction financing for the University & Raymond multi-housing property in the Saint Anthony Park neighborhood of St. Paul, Minnesota.

JLL represented the borrower, UniRay, LLC, to secure the 85% LTC participating loan through Principal Real Estate Investors, the lender.

University & Raymond will consist of 220 homes, with amenities that include in-unit laundry, central air and quartz countertops. Sitting on 1.18 acres, the property’s community amenities include a state-of-the-art fitness center, outdoor courtyard with a pool, clubroom with full kitchen and wet bar, fully automated building access systems and a rooftop patio.

The apartments are located at the corner of University & Raymond in Saint Anthony Park. University & Raymond is situated in proximity to both the Minneapolis CBD, the Saint Paul CBD and next to the University of Minnesota. Saint Anthony Park is an energized neighborhood accompanied by continuous growth and easy access to both Downtown areas.

The JLL Capital Markets team was led by Senior Directors Russ Kappenman and Josh Talberg, and included Senior Directors Dan Linnell, Mox Gunderson and Managing Director Ken Dayton.

“JLL was grateful to be a part of this exciting new partnership,” Talberg said. “The high-quality sponsorship, combined with the site’s preferred neighborhood and TOD location, made this a highly sought multi-housing opportunity among major investors and lenders looking to expand and/or establish presence in the Twin Cities.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Principal Real Estate Investors

Principal Real Estate Investors manages or sub-advises $86.5 billion in commercial real estate assets (as of September 30, 2020). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.