News release

$68.96M in capital secured for a Minnesota multi-housing development community

JLL Capital Markets arranged the debt and equity for the development of a 237-unit apartment community in Eden Prairie, Minnesota

August 29, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

MINNEAPOLIS, August 29, 2023 – JLL Capital Markets announced that it 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 MidWestOne Bank and Alerus Financial, N.A.. Additionally, JLL sourced $21.96 million in joint venture equity from Amstar Group.

The project, designed by BKV Group, is set to break ground this fall and will include 237 luxury housing units, as well as 315 underground parking spaces. The unit mix will include studio, one-bedroom, two-bedroom and three-bedroom units. Amenities at the property will include an outdoor pool, spa, theater room, club room, private dining and pickleball courts.

As part of Eden Prairie’s inclusionary zoning, roughly 25% 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. The site is also situated in the heart of an area guided for transit-oriented development (TOD) via the Green Line extension, which is currently under construction.

The city of Eden Prairie has very little land guided for high-density residential development. This high barrier-to-entry alone makes the Golden Triangle project incredibly unique in that it is occurring on one of the few sites targeted for redevelopment by the city, and as part of the redevelopment effort, it is one of the last remaining areas guided for high-density residential development. It is an important driver for the city of Eden Prairie’s long-term comprehensive plan.

Eden Prairie, an affluent southwest suburb of Minneapolis, is consistently ranked among the best places to live in America by Money Magazine, boasting a high quality of life, proximity to major employment nodes and a top-ranked school district. The site sits in the Golden Triangle Innovation Hub, which is home to 600 companies, as well as 20,000 jobs, making up half of Eden Prairie’s total employment base. 

Minneapolis-St. Paul has one of the largest concentrations of Fortune 1000 companies in the world. The region is home to numerous international headquarters, American headquarters for foreign firms and substantial office operations for firms that are headquartered on either coast. With one of the lowest unemployment rates in the nation, investors, employers and workers continue to be drawn to Minneapolis-St. Paul, home to one of the most diverse and successful economies in the world.

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 be a significant development for the city of Eden Prairie, and we are thankful to have a part in advancing it. The execution of Eagle Ridge and Greco, from concept to closing, has been remarkably impressive," said Talberg. "The Twin Cities markets, particularly sought-after suburban areas like Eden Prairie, consistently experience robust interest and demand from investors and lenders for premium assets. This project showcases this continuing trend and signals a promising outlook for both the region and the high-growth submarket."

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.