Greco, Eagle Ridge JV Secures $69M for Minneapolis Development
The community will rise within the city’s Golden Triangle neighborhood.
Greco Properties and Eagle Ridge Partners have obtained $68.9 million in equity and construction financing for Golden Triangle Station, a 237-unit luxury multifamily community in Eden Prairie, Minn. Funding included $21.9 million in equity from Amstar Group and a $47 million construction loan, provided by a regional bank. JLL Capital Markets brokered the transaction on behalf of the joint venture.
Golden Triangle Station will have roughly 25 percent of the units as affordable, for residents earning between 50 and 80 percent of the area median income. The developer is also planning a second phase of development, which could add an additional 188 units.
Construction is scheduled to begin later this fall. The property was designed to comprise two connected buildings of four and five stories, which will incorporate studios, one-, two- and three-bedroom floorplans. Common-area amenities will consist of a swimming pool, coworking spaces, a club room, a spa, a theater, pickleball courts and approximately 315 underground parking spaces.
Senior Managing Directors Matthew Schoenfeldt and Colin Ryan, Managing Directors Josh Talberg, Scott Loving, Dan Linnell and Mox Gunderson led the JLL Capital Markets Advisory Team.
Part of the Golden Triangle redevelopment plan
The 15.3-acre site is at 6901 Flying Cloud Drive, within the city’s Golden Triangle neighborhood. The transit-oriented community will rise near Eden Prairie’s future Green Line station and close to the intersection of U.S. Route 212 and Interstate 494, which provide easy access across the Twin Cities metropolitan area.
The City of Eden Prairie has created a long-term comprehensive plan for the redevelopment of several sites within the Golden Triangle area. One of the redevelopments involves a 66-acre lot controlled by Liberty Property Trust, which also includes the proposed Golden Triangle Station and the global headquarters of SuperValu Inc. Plans call for transformation of the suburban business park into a community that will feature multifamily housing and green spaces.