“Minnesota Community Development Secures $60M in Funding”

"Minnesota Community Development Secures $60M in Funding"

JLL Capital Markets has successfully secured $60.14 million in financing for the development of Avalon Apartments and Townhomes, a premier multifamily and townhome project located in Minnesota. The borrower, Trident Development based in St. Cloud, entrusted JLL to arrange the funding on their behalf.

The competitive construction loan of $45 million was obtained from Alerus, a leading provider of business and consumer banking solutions headquartered in North Dakota. Additionally, JLL sourced an additional $15.14 million through mezzanine financing from Centerspace – a reputable real estate investment trust focused on acquiring and managing apartment communities.

Construction is set to commence immediately with plans for 244 high-end residential units along with 193 structured parking spaces at completion. Future residents can expect luxurious studio, one-bedroom,two-bedroom,and three-bedroom options at this highly anticipated community development project.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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