EDEN PRAIRIE, MINN. — Greco and Eagle Ridge Partners have secured $55.6 million in debt and equity financing to complete the second phase of The Fox & The Grouse in Eden Prairie, 18 miles southwest of Minneapolis. JLL Capital Markets arranged the package, consisting of a $39.1 million, three-year, floating-rate loan through MidWestOne Bank and $16.5 million in joint venture equity from Amstar Group.
The six-story community will offer a mix of studios and one-, two- and three-bedroom units, with a quarter of the units designated as affordable with rents capped at 50 and 80 percent of area median income. Amenities include a pool, golf simulator, fitness center, coworking spaces, a theater room, club room, private dining area and underground parking.
BKV Group is the architect. Greco and Eagle Ridge Partners delivered 237 units in the first phase in December 2024. The second phase will include 188 units. A completion date was not disclosed.
The Fox & The Grouse is a transit-oriented development (TOD) that’s connected to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension, which will open in 2027. The Golden Triangle area is an employment hub, home to companies including Supervalu Foods, Starkey Labs, Cigna and the Minnesota Vikings.