Greco JV Lands $76M for Twin Cities Project
Construction is set to start immediately.
A partnership between Minneapolis-based Greco Properties and Swervo Management has secured $76.3 million in construction financing for Thompson Oaks, a 291-unit multifamily project in West St. Paul, Minn. The development represents a public-private partnership with the City of West St. Paul.
First International Bank & Trust issued a four-year, floating-rate loan in the amount of $63 million, while WhiteStar Advisors contributed to the development with $13.5 million. JLL Capital Markets procured the financing on behalf of the developers. Construction is set to start immediately.
A first look at Thompson Oaks
Upon completion, the five-story Thompson Oaks will feature one- to three-bedroom residences, as well as 19 townhome-style units across six buildings. Amenities will include 342 garage parking spots, an outdoor pool with sun deck, a wellness center, coworking spaces and a theater room. The future community is the first phase in a larger master-planned redevelopment project on the former YMCA site.
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The future low-rise will be just off Minnesota State Route 3, which connects the area to downtown St. Paul and Minneapolis, some 7 miles north and 15 miles northwest, respectively. Other major thoroughfares in the area include U.S. routes 10 and 52 and Interstate 494. The community will also be in proximity to several eateries and retail options, including Target, Walmart Supercenter, Lowe’s Home Improvement, Arby’s, Taco Bell and Chick-fil-A.
JLL Capital Markets Managing Directors Josh Talberg, Scott Loving, together with Associate Will Hintz and Analyst Jack Graveline led the advisory team that arranged the financing.
The Twin Cities development landscape, lately
Construction starts in metro Twin Cities totaled 441 units in the first quarter of 2026, all across properties in suburban submarkets, according to a Yardi Matrix report. The figure marked a 36 percent drop compared to the first quarter of 2025, when 692 units across five properties broke ground. As for deliveries, the metro saw 729 units being brought online in the first three months of 2026, accounting for 0.3 percent, on par with the U.S. average at the time.
Recent multifamily developments in the Twin Cities-area include Citywalk Apartments, a 342-unit market-rate project located in Rochester, Minn. Inland National Development Co. and Reuter Walton Development are working on the community that was originally proposed in 2021 as a 131-unit community.
