JPL Development Obtains $48M Refi for Suburban Minneapolis Apartments
Gantry facilitated the loan.
JPL Development has secured a $48.3 million in permanent financing for The Edison at Maple Grove apartments, a 248-unit multifamily community located in Maple Grove, Minn.
Freddie Mac provided the 10-year, fixed-rate, non recourse, full-term interest only loan, which retires previous construction financing. Mortgage banking firm Gantry secured the new funds.
The property, developed by JPL Development, is located at 9820 Garland Lane North in northwest suburban Minneapolis. JPL started work on the property in 2022.
The two-building, five-story development includes a mix of one-, two-, and three-bedroom apartments with interiors featuring stainless steel appliances, plank flooring, carpeted bedrooms and in-unit washers and dryers. The residential units are above two stories of underground parking, and there are an additional 149 surface spaces.
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Common-area amenities include a resort-style swimming pool with cabanas, a rooftop clubhouse, a business center and a fitness center. The property also sports a dog park and playground.
Gantry’s Joe Monteleone, principal, and Bonnie Monteleone, senior associate, both with the firm’s St. Louis production office, represented the borrower.
Twin Cities multifamily is in good shape
Twin Cities multifamily fundamentals have been healthy so far in 2026, with rent growth outpacing the U.S., according to Yardi Matrix data. Asking rents rose 2.5 percent year-over-year in the market as of March, well above the 0.1 percent national increase for the same period.
Occupancy in the Twin Cities apartment market is holding roughly steady. As of February, the market average occupancy came in at 95.2 percent, only 10 basis points less than a year earlier, Yardi Matrix reports.
Developers brought 729 units to completion in the market in the first quarter of this year, with 5,964 apartments underway as of March, according to the same source. Construction starts have been moderating in recent months.
