WEST ST. PAUL, MINN. — Greco and Swervo Management have obtained $76.3 million in financing to develop Thompson Oaks, a 291-unit project in West. St. Paul. Thompson Oaks is the first phase of a larger redevelopment of the former West St. Paul YMCA and adjacent city-owned land, which has sat largely vacant since Hy-Vee demolished the YMCA in 2020 and later abandoned plans for a grocery store.
The financing package includes a $63 million, four-year, floating-rate loan through First International Bank & Trust and $13.3 million in equity from WhiteStar Advisors. JLL’s Josh Talberg, Scott Loving Will Hintz and Jack Graveline arranged the financing. The developers plan to break ground later this fall. Frana Cos. is the general contractor, and BKV is the architect.
Thompson Oaks, located at 150 Thompson Ave., will be a five-story development with one-, two- and three-bedroom apartments as well as 19 townhome-style units. The development team also will renovate a former auto parts store, creating an additional 7,100 square feet of retail space.
Amenities at the Thompson Oaks community include a pool, golf simulator, fitness center, coworking 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 park improvements with connections to a regional trail system. According to the City of West St. Paul, completion is slated for 2028.