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

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 mix will include studio, one-, two- and three-bedroom layouts. Planned amenities include a pool, barbeque area, bocce ball, pickleball court, children’s playground, yoga room, community room, speakeasy lounge, fitness center, golf simulator, business center, rooftop patio and a dog run. The project is set to break ground immediately.

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