News release

Debt and equity capitalization secured for 275-unit multi-housing development in Minneapolis-St. Paul

JLL Capital Markets arranged both the construction loan and joint venture equity for Minnetonka Station located in Minnetonka, Minnesota

March 11, 2022

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

MINNEAPOLIS, March 11, 2022 – JLL Capital Markets announced that it has arranged construction financing and secured equity for the development of Minnetonka Station, a 275-unit, Class A, transit-oriented multi-housing development project in Minnetonka, Minnesota.

JLL represented Linden Street Investments to arrange a joint venture with Virtus Real Estate Capital, as well as a four-year, floating rate construction loan with Bank OZK. Stevens Construction Corp. is the general contractor.

Minnetonka Station represents Linden Street’s entry into the Minneapolis-St. Paul MSA, after multiple successful multi-housing and mixed-use developments throughout the Midwest. Linden Street is led by Scott Richardson, Principal. Within this transaction, Stevens Construction Corp brings decades of experience in general contracting and development in Wisconsin and Minnesota, while Virtus Real Estate Capital is an experienced investor in the Minnetonka submarket through their ownership of the nearby RIZE at Opus Park.

“Linden Street has found success developing in east coast and midwestern markets dedicated to smart growth. We spent two years collaborating with Minnetonka city staff to entitle a project that is sustainable, visually appealing and that will contribute much-needed housing to the western Minneapolis suburbs,” said Richardson.

Located at 10400 Bren Rd. East, the development is situated in the Opus Park neighborhood of Minnetonka, eight miles southwest of Minneapolis-St. Paul and half of a mile from Edina. Located within Opus Business Park, the project will afford residents easy access to over 4.2 million square feet of commercial space and more than 14,000 jobs in the immediate area. The project is adjacent to the Southwest Light Rail Transit’s Green Line Extension, a major light rail expansion that will allow Minnetonka Station residents to commute by rail to downtown Minneapolis in just 22 minutes.

The JLL Capital Markets team was led by John Marshall, Matt Benson, Josh Talberg and Kellan Liem. The Minneapolis multifamily investment sales team, including Dan Linnell, Mox Gunderson and Adam Haydon, provided local market support.

“Linden Street was able to create a win-win solution with the city of Minnetonka and create a project that blends market rate and affordable units, while providing sustainable, transit-oriented housing,” said Marshall. “This vision and their track record allowed JLL to secure multiple, attractive bids from both institutional joint venture partners and national construction lenders to capitalize the full project cost. We look forward to Linden Street’s continued growth and a successful project with Virtus and Bank OZK.”

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

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Linden Street Investments, LLC.

Linden Street Investments was founded in 2013 and is based in downtown Pittsburgh, Pennsylvania and focuses on the development and operation of Class A multifamily communities throughout the eastern half of the United States. The Principal is a veteran of multiple national-platform multifamily development firms and asset managers. Linden Street Investments is currently expanding its platform to accommodate future opportunities.

About Virtus Real Estate Capital 

Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives.  Over the last 19 years, it has acquired 259 properties for a combined acquisition value of over $5.0 billion and has fully realized 184 property investments.  With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle.  For more information, please visit

About Bank OZK

Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is a preeminent, market-leading construction lender partnering with top-tier sponsorship across the United States. RESG focuses on senior secured commercial real estate construction financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hotels, life sciences, industrial and retail.  During the five years ended December 31, 2021, RESG originated approximately $35 billion in new commercial real estate construction loans. For more information visit