JLL Capital Markets has arranged $85.1 million in joint venture equity and construction financing for the development of Paravel, a 246-unit multi-housing community in the Minneapolis suburb of Eden Prairie, Minnesota.
JLL worked on behalf of the borrower, Timberland Partners, to secure the $59.5 million long-term construction-to-permanent fixed-rate loan through a life insurance company. Additionally, JLL sourced $25.6 million in joint venture equity from a high-net-worth family office.
This development, on 4.96 irreplaceable acres, will include 246 total units (245 apartment units and one guest suite unit), 358 underground stalls of structured parking and 67 stalls of surface parking. The unit mix will include studio, one-bedroom, two-bedroom and penthouse units.
Located at 8300 Commonwealth Drive, Paravel is a part of the Castle Ridge mixed-use development. This growing master plan is in the process of being entirely redeveloped with a mix of residences, restaurants and shopping. The Eden Prairie Shopping Center featuring more than 90 shops and restaurants is a short walk from the site. The site also features direct trail access and is immediately adjacent to Purgatory Creek Park, connecting with more than 200 miles of regional trails.
The JLL Capital Markets Investment and Debt Advisory teams that represented the borrower was led by Senior Directors Josh Talberg, Brock Yaffe, Dan Linnell and Mox Gunderson, Directors Pat McMullen and Adam Haydon, Associate William Haass and Senior Managing Director Ken Dayton.
