**$56M in Capital Secured for Second Phase of Multifamily Development in Eden Prairie**
JLL has secured a combined $55.62 million in joint venture equity and construction financing for the second phase of The Fox and The Grouse, a 188-unit multifamily development located in the Golden Triangle neighborhood of Eden Prairie, Minnesota.
Representing the project sponsors—Greco and Eagle Ridge Partners—JLL facilitated a $39.12 million, three-year, floating-rate construction loan through MidWestOne Bank. Additionally, JLL helped secure $16.5 million in joint venture equity from Amstar Group. The JLL Capital Markets Advisory team involved in the transaction included Josh Talberg, Scott Loving, Joe Peris, Matthew Schoenfeldt, Colin Ryan, and Will Hintz.
Phase II of The Fox & The Grouse, located at 6901 Flying Cloud Drive, is scheduled to break ground in August 2025. The six-story development will offer a range of studio, one-, two-, and three-bedroom apartments. Notably, 25% of the units will be reserved as affordable housing for residents earning 50% to 80% of the area’s median income.
Designed by BKV Group, this phase is part of a larger transit-oriented development that will be directly connected to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension, which is expected to open in 2027.
