$56M in Capital Secured for Second Phase of Minnesota MF Development

$56M in Capital Secured for Second Phase of Minnesota MF Development
News| August 26, 2025| Jasmine Kilman
Chicago & Midwest + Apartment Buildings

 JLL has secured joint venture equity and construction financing totaling $55.62 million for The Fox and The Grouse Phase II, a 188-unit multifamily development located in the Golden Triangle neighborhood of Eden Prairie, Minnesota.

JLL represented the sponsor, Greco and Eagle Ridge Partners, in facilitating the $39.12 million, three-year, floating-rate loan through MidWestOne Bank. JLL also sourced $16.50 million joint venture equity from Amstar Group. The JLL Capital Markets Advisory Team representing the sponsor was led by Josh Talberg, Scott Loving, Joe Peris, Matthew Schoenfeldt, Colin Ryan and Will Hintz.

The Fox & The Grouse Phase II, located at 6901 Flying Cloud Dr., will break ground immediately in August 2025. The six-story development will offer a mix of studios, one-, two- and three-bedroom units, with 25% of the homes designated as affordable at 50% and 80% area median income.

The project, designed by BKV Group, represents the second phase of a significant transit-oriented development that will be directly connected to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension, scheduled to open in 2027.

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