Greco JV Lands $56M for Minneapolis Project
The financing package combined a bank loan with joint venture equity.
A partnership between Greco and Eagle Ridge Partners has obtained $55.6 million in capital for development of the second phase of The Fox and The Grouse, a 188-unit luxury multifamily project in Eden Prairie, Minn., a Minneapolis submarket. JLL arranged the deal.
Financing includes a $39.1 million, three-year floating-rate loan from MidWestOne Bank, as well as $16.5 million in joint venture equity from Amstar Group.
JLL Capital Markets Managing Director Josh Talberg and Scott Loving, Director Joe Peris, along with Senior Managing Director Matthew Schoenfeldt and Colin Ryan, and Associate Will Hintz led the advisory team.
BKV Group designed the project, set to break ground in the following weeks and come online in 2027. The building will rise at 6901 Flying Cloud Drive, in the Golden Triangle neighborhood. Downtown Minneapolis will be 14 miles away, while Minneapolis–Saint Paul International Airport will be within 13 miles of the property.
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The first phase of the community broke ground in fall 2023 and came online last December. The property totals 237 units across two buildings.
The second phase will consist of a six-story building with 25 percent of apartments reserved as affordable for households making 50 and 80 percent of the area median income. The unit mix will include studios, one-, two- and three-bedroom floorplans.
Amenities are set to include an outdoor swimming pool, golf simulator, wellness center and work-from-home spaces, as well as a theater room and club room. Additionally, the community will have a private dining area and 267 private parking stalls.
Twin Cities multifamily inventory set to grow
The Twin Cities had 53 multifamily projects under construction as of August, which will add about 8,034 units to the metro’s inventory, according to Yardi Matrix information. Additionally, the market had 55 developments in planning stages.
In May, Project for Pride in Living secured a $32.9 million loan for East 7th Street, a 60-unit affordable housing development in St. Paul, Minn. Construction was already underway, while completion is scheduled for next year.
