JLL Arranges Development Financing for Minneapolis-Area Community
- May 11, 2020
Equity has been arranged for the development of NOVO, an apartment community in Richfield, Minn., directly south of Minneapolis. The capital arranged by JLL Capital Markets will go towards building a 192-unit property at 2412 W. 66th St., just east of Southdale Center, the first and oldest fully-enclosed, climate-controlled shopping mall in the U.S.
“COVID slowed the pace of the deal a bit, as it took longer to obtain all necessary signatures with many people working remotely,” Dan Linnell, JLL Capital Markets senior director, told Multi-Housing News. “Once that obstacle was cleared we were able to close. This was due to the strength of the sponsor, the desirability of the project and a great lending partner.”
Developed on a two-acre site west of Penn Avenue and east of the border between the municipalities of Richfield and Edina, NOVO will feature a five-story and three story building constructed above a 246-slot, two-level, heated underground parking garage.
Totalling 202,122 square feet, the property will offer 28 different floorplans in studio, one- and two-bedroom configurations. Luxury features and finishes will include large kitchen islands, stainless steel appliances, tile backsplashes and large closets. A fitness center with dedicated yoga room will be among notable amenities.
In addition to Linnell, the JLL Capital Markets team representing the seller included Senior Directors Josh Talberg and Mox Gunderson and Director Adam Haydon.
NOVO’s location will furnish residents with the opportunity to easily access different areas of the Twin Cities and southeast Minnesota. Interstate 35W is directly east of the location, and the Crosstown Hwy., I-494 and Hwy. 100 are also nearby. In addition, residents will be able to access the forthcoming Bus Rapid Transit METRO Orange Line traveling along 35W and linking suburban Bloomington, Burnsville and Richfield to Minneapolis.
Earlier this year, JLL brokered the sale of a Houston senior housing community.