JLL Capital Markets secured financing totaling $76.25 million for Thompson Oaks, a 291-unit multi-housing development along the Robert St corridor in West St. Paul, Minnesota.
JLL represented the Sponsor, Greco and Swervo Management, in facilitating the $63 million, four-year, floating-rate loan through First International Bank & Trust. JLL also sourced $13.25 million from WhiteStar Advisors.
Thompson Oaks, located at 150 Thompson Ave., will break ground immediately following closing. The five-story development will offer a mix of alcoves, one-, two- and three-bedroom units, as well as 19 town home style units. The project features 246,891 square feet of rentable space and 342 garage parking stalls, providing a ratio of 1.18 spaces per unit. Additionally, the development team will lead a renovation and delivery of a former auto parts shop, creating an additional 7,100 square feet of commercial retail that will front the Robert Street corridor.
Residents will enjoy an impressive amenity package including an outdoor pool with sun deck, golf simulator, club-quality wellness center, work-from-home spaces, theater room, club room, private dining area and underground parking. The project is a public/private partnership with the City of West St. Paul. Upon completion, the public components will include significant park improvements with connections to the regional trail system, creating a main-on-main destination-style development.
The Project, which is union built by Frana Companies and designed by BKV Group, represents the initial phase of a master redevelopment of the former YMCA site. As such, the City of West St. Paul is providing significant financial support in the form of Tax Increment Financing. The all-encompassing master development components, with premier location on Robert St, cements the Project as the pillar of the community for years to come.
The JLL Capital Markets Advisory Team representing the sponsor was led by Josh Talberg, Scott Loving Will Hintz and Jack Graveline.
