JLL Capital Markets has arranged mezzanine and construction financing totaling $60.14 million for Avalon Apartments and Townhomes, a mid-rise multifamily and townhome development in the submarket of Inver Grove Heights and bordering Eagan, Minnesota.
JLL worked on behalf of the borrower, St. Cloud-based Trident Development, to secure the $45 million competitive construction loan from Alerus, a provider of business and consumer banking products and services based out of North Dakota.
Additionally, JLL sourced $15.14 million in mezzanine financing from Centerspace, a real estate investment trust focused on the ownership, management, acquisition and redevelopment of apartment communities across the Midwest and Mountain West.
The project is set to break ground immediately and will include 244 luxury housing units, as well as 193 structured parking spaces. The unit mix will include studio, one-bedroom, two-bedroom and three-bedroom units. Amenities at the property will include a large outdoor pool, BBQ area, bocce ball, pickleball court, children’s playground, yoga room, community room, speakeasy lounge, fitness center, golf simulator, business center, roof-top patio area and a spacious dog run.
Situated as a key gateway between the Twin Cities and Greater Minnesota, Inver Grove Heights delivers the best combination of urban services and amenities located within its sizable commercial core along with an abundance of parks and recreational destinations. Inver Grove Heights provides premier access to both downtown St. Paul and Minneapolis via Interstate 35E and Highway 55 which are 10-minute and 20-minute drives respectively.
The subject site, located in the Primary Market Area of Inver Grove Heights/Eagan, Minnesota, is one of the fastest-growing markets in the Twin Cities metro. Fortune Magazine recently placed Eagan as the #11 community on their list of the “50 Best Places to Live for Families”. The property is located within the Eagan school district, which consistently ranks as one of the top districts in the state, making it an ideal destination for families.
The JLL Capital Markets Advisory Team representing the Sponsor was led by Managing Directors Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson.
