JLL Capital Markets 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 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.
Located at 10400 Bren Road 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 more than 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 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.