JLL Capital Markets has closed the $27.3 million sale and arranged the acquisition financing for Frost English Silver, a newly-built, 107-unit, luxury, 55-plus housing community in Maplewood, Minnesota.
JLL Marketed the property on behalf of, Sherman Associates. An affiliate of Axial Real Estate Advisors LLC acquired the property. Additionally, working on behalf of Axial, JLL secured the seven-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Frost English Silver comprises one- and two-bedroom units averaging 876 square feet. Apartments offer stainless steel appliances, vinyl flooring, granite countertops, full size washer/dryers and balcony/patios. The community features a fitness center, outdoor patio with grilling stations, community room, salon, indoor lap pool, heated underground parking and direct access to gateway state trail.
Located at 1957 English St., Frost English Silver is within walking distance to parks, lakes, trails and golf courses. A 1.4-mile-drive to the north provides access to Highway 36, a major east-west thoroughfare providing frontage to numerous retailers and businesses. Downtown St. Paul, 3M’s corporate headquarters, St. John’s Hospital, Maplewood Mall and Rosedale Center are all within a 10-minute drive.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Directors Josh Talberg, Mox Gunderson, Dan Linnell, Director Adam Haydon, and Senior Managing Director Ken Dayton.
The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Jeff Lepley.