JLL Capital Markets has arranged joint venture equity and construction financing, totaling $68.96 million, for Golden Triangle Station, a mid-rise multi-housing development located in the Golden Triangle neighborhood of Eden Prairie, Minnesota. JLL worked on behalf of the sponsor to secure a competitive construction loan through a regional bank in the amount of $47 million as well as sourced $21.96 million in joint venture equity from Amstar Group. The JLL Capital Markets Advisory Team representing the sponsor was led by Josh Talberg, Scott Loving, Matthew Schoenfeldt , Colin Ryan , Dan Linnell and Mox Gunderson .
The project is set to break ground this fall with 237 luxury housing units included; approximately one quarter will be rented at 50% and 80% area median income (AMI). This structure has been met with approval from city staff who have approved Tax Increment Financing due to its inclusionary zoning requirements .
This successful capital arrangement demonstrates JLL’s expertise when it comes to securing funding for multifamily developments across various markets nationwide.
