MidWestOne Bank Originates $39M Construction Debt for Minnesota Multifamily

A joint venture between Greco and Eagle Ridge Partners has secured $55.62 million in construction financing to build the second phase of The Fox and The Grouse, a 188-unit multifamily complex in the Golden Triangle district of Eden Prairie, Minn. 

MidWestOne Bank originated a 39.12 million, three-year, floating-rate loan, while Amstar Group provided $16.50 million joint venture equity. JLL’s Josh Talberg, Scott Loving, Joe Peris, Matthew Schoenfeldt, Colin Ryan and Will Hintz sourced both the debt and equity on the deal.

JLL’s Talberg described the project as one that will provide “exceptional housing options” to the residents of Eden Prairie, whose Golden Triangle live, work, play district is the weekday site of more than 600 companies and 20,000 employees. 

“The Fox and The Grouse Phase II represents a landmark development for Eden Prairie,” said Talberg. “[The Golden Triangle] continues to attract significant interest from investors and lenders seeking premium assets of this caliber.”

Located at 6901 Flying Cloud Drive, The Fox and The Grouse is expected to break ground this month on construction and eventually deliver 188 units ranging from studios to three-bedrooms, of which 25 percent will be affordable. On-site amenities will include an outdoor pool, a golf simulator, a wellness center, several coworking spaces, a theater and a club room, as well as underground parking. 

Moreover, the complex will sit near nine acres of wetland park space and will have a direct connection to the upcoming Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension that is expected to open in two years. The station will provide public transit access to Downtown Minneapolis, as well as the University of Minnesota and the Minnesota-Saint Paul International Airport.

Brian Pascus can be reached at bpascus@commercialobserver.com.