JPL Development Closes $40M Refi For Twin Cities Apartments
Freddie Mac provided the financing.
JPL Development secured a $39.5 million permanent loan as construction takeout financing for Edison at Woodbury, a 207-unit apartment community in Woodbury, Minn. Gantry represented the borrower in the transaction, with funding provided by Freddie Mac has provided.
The 10-year fixed-rate loan features five years of interest-only payments before transitioning to a 35-year amortization schedule. Previously, the project received a $38.4 million construction loan originated by Commerce Bank in 2021, according to Yardi Matrix.
Edison at Woodbury came online in 2023 and includes 174 apartments, 30 townhomes and 3 carriage houses. The property features one-, two- and three-bedroom floorplans with stainless steel appliances, patios or balconies, in-unit laundry and walk-in closets.
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Situated on an 11.66-acre site, the community includes a swimming pool, a fitness center, a coworking space and a clubhouse. Bader manages the property, which was 94.2 percent occupied as of May 2026, according to Yardi Matrix.
The Class A community sits at 326 Karen Drive in Woodbury, approximately 20 miles east of Minneapolis. Edison at Woodbury has access to Interstate 94 to connect to St. Paul and the wider metro area. Major retailers such as Sam’s Club, Walmart and Target are less than two miles away.
Gantry’s Principal Joe Monteleone and Senior Associate Bonnie Monteleone secured the financing on behalf of the borrower.
Healthy fundamentals across the Twin Cities
Across the larger metro area, the Twin Cities ranked fourth among Yardi Matrix’s top 30 markets for annual rent growth. Average rents rose 2.5 percent year-over-year to $1,621, according to a recent report. Construction activity has moderated, with 5,964 units underway as of March.
Last August, a joint venture between Greco and Eagle Ridge Partners received $55.6 million in construction financing for the second phase of The Fox and The Grouse. The 188-unit luxury development sits in Eden Prairie, Minn. MidWestOne Bank and Amstar Group provided the financing for that project.
In October 2025, Trident Development began work on Orchard Place Apartments in Twin Cities’ Apple Valley suburb. Upon completion, the community will include 135 units, with move-ins expected in late 2026.
