Minnesota Archives

Avalon Apartments and Townhomes in Inver Grove Heights, Minnesota

JLL Brokers $60.1 Million to Develop Avalon Apartments and Townhomes Near Minneapolis

by Channing Hamilton December 28, 2023

INVER GROVE HEIGHTS, MINN. — JLL Capital Markets has arranged $60.1 million in mezzanine and construction financing for Avalon Apartments and Townhomes, a 244-unit complex in the southeast Minneapolis suburb of Inver Grove Heights. JLL worked on behalf of the borrower, Trident Development, to secure the $45 million construction loan from Alerus. Additionally, JLL sourced $15.1 million in mezzanine financing through Centerspace. Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson led the JLL Capital Markets Advisory Team. Avalon Apartments and Townhomes will offer 190 apartments and 54 townhomes. The unit …

December 28, 2023

Investment Sales Midwest Minnesota News

Marcus & Millichap Brokers $7.5 Million Sale of The Commons in Inver Grove Heights, Minnesota

by Channing Hamilton December 1, 2023

INVER GROVE HEIGHTS, MINN. — Marcus & Millichap has negotiated the $7.5 million sale of The Commons, a four-building property in the St.Paul, Minnesota suburb of Inver Grove Heights. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller. The Commons was built in 1987 at 8213 College Trail. The community comprises 60 units. The property has undergone renovations for new countertops, appliances and cabinetry..

December 1, 2023

Affordable Housing Development Finance Midwest Minnesota News

Lupe Development Partners, Wall Cos. Plan to Demolish Former Minneapolis Public Works Building for Affordable Housing Development

by Channing Hamilton October 18, 2023

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building to construct Snelling Yards, a 90-unit affordable community. The project is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe Development Partners and Wall Cos. were granted development rights to the property in 2017. Snelling Yards will offer three- and four-bedroom units. Of the total unit count, 26 will be reserved for residents who earn up to 30 percent of the area median …

October 18, 2023

Investment Sales Midwest Minnesota News

Marcus & Millichap Brokers $5 Million Sale of Phalen Shores in St. Paul, Minnesota

by Channing Hamilton September 28, 2023

ST. PAUL, MINN. — Marcus & Millichap has brokered the $5 million sale of Phalen Shores, a 53-unit property in St. Paul. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller and buyer, neither of which were disclosed. Phalen Shores was built in 1987. The five-story building features a fitness center, outdoor spaces and an underground heated garage.

September 28, 2023

Architecture & Design Development Industry Voices Midwest Minnesota

Architecture Spotlight: Bowline in Champlin, Minnesota, Weaves History Into Residential Design

by Channing Hamilton September 11, 2023

The 160-acre Mississippi Crossings site in Champlin, Minnesota, was a thriving commercial district in the early part of the 20th century. From the 1980s until the early 2000s, however, the area had been in decline for many years and was mostly known for its dilapidated commercial buildings, according to the City of Champlin. After a few redevelopment efforts started and stalled, the city entered into a development agreement in 2019 with Greco to be master developer of 12 acres within the Mississippi Crossings site. Greco is a Minneapolis-based commercial developer, …

September 11, 2023

Development Midwest Minnesota News

Tareen Development Partners Breaks Ground on Article No. 7 in North Saint Paul, Minnesota

by Channing Hamilton September 5, 2023

NORTH SAINT PAUL, MINN. — Tareen Development Partners has broken ground on Article No. 7, an 82-unit complex in the northeast Minneapolis suburb of North Saint Paul. Units will come in one- and two-bedroom floor plans. Amenities will include a fitness center, community spaces and underground parking. The development team for the project also includes Bauer Construction, Momentum Design, Sail Management and the City of North Saint Paul. The building is slated for completion in fall of 2024.

September 5, 2023

Investment Sales Midwest Minnesota News

JLL Brokers $8.5 Million Sale of Canal Park Square in Duluth, Minnesota

by Channing Hamilton August 30, 2023

DULUTH, MINN. — JLL Capital Markets has arranged the $8.5 million sale of Canal Park Square, a historic mixed-use redevelopment project in the Canal Park neighborhood of Duluth. Devon Dvorak, Mox Gunderson, Dan Linnel, Josh Talberg and Adam Haydon led the JLL Capital Markets Investment Sales and Advisory team that represented the seller, Sherman Associates. The buyer was not disclosed. Canal Park Square was originally constructed in 1886 and was redeveloped in 2015, which converted the office space on the second floor into apartments. The property now offers 29 apartments and …

August 30, 2023

Golden Triangle Station in Eden Prairie, Minnesota

Affordable Housing Development Finance Midwest Minnesota News

JLL Arranges $69 Million in Construction Financing for Golden Triangle Station Near Minneapolis

by Channing Hamilton August 29, 2023

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $69 million in joint venture equity and construction financing for Golden Triangle Station, a 237-unit development in the Minneapolis suburb of Eden Prairie. A regional bank provided a $47 million construction loan, and Amstar Group provided $22 million in joint venture equity. Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Mox Gunderson of JLL represented the sponsor, Greco and Eagle Ridge Partners. The project is set to break ground this fall. Of the total unit count, 25 percent will …

August 29, 2023

Investment Sales Midwest Minnesota News

JLL Brokers $74.7 Million Sale of Millennium Edina in Minneapolis Suburb

by Channing Hamilton August 28, 2023

EDINA, MINN. — JLL Capital Markets has arranged the sale of Millennium Edina, a 227-unit mid-rise community in the Minneapolis suburb of Edina. A private investor acquired the asset from a joint venture between Dakota Pacific Real Estate and Landmark Cos. for $74.7 million. JLL worked on behalf of the new owner to secure the financing. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS lender. Millennium Edina was built in 2021. The property offers features studio, one-, two- and three-bedroom units. Amenities include a game room, …

August 28, 2023

Finance Midwest Minnesota News

Roers Cos. Secures $34.6 Million to Refinance Savor Apartments in West St. Paul, Minnesota

by Channing Hamilton July 28, 2023

WEST ST. PAUL, MINN. — Roers Cos. has secured $34.6 million to refinance Savor Apartments, a high-rise community in West St. Paul. Scott Streiff and Scott Loving of JLL Capital Markets arranged the fixed-rate, interest-only loan through Fannie Mae. The loan features a ten-year term and will be serviced by JLL Real Estate Capital. Savor Apartments was built in 2022. The community features 200 one- and two-bedroom units. Amenities include an entertainment suite, a community room, game room, work-from-home suites, coffee bar, rooftop lounge, rooftop deck and a fitness center.

July 28, 2023