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JLL secures $76.25M financing for West St. Paul Thompson Oaks project
The 291-unit development will include retail space, and it is set to break ground right after closing.
JLL has secured $76.25 million in financing for Thompson Oaks, a 291-unit multi-housing development along the Robert Street corridor in West St. Paul, Minnesota, according to ConnectCRE.
JLL represented the sponsor, Greco and Swervo Management, in arranging a $63 million, four-year, floating-rate loan through First International Bank & Trust, and it also sourced $13.25 million from WhiteStar Advisors.
Thompson Oaks, located at 150 Thompson Ave., is planned as a five-story project with a mix of alcoves, one-, two- and three-bedroom apartments, plus 19 townhome units.
The development team will also renovate and deliver a former auto parts shop, adding 7,100 square feet of commercial retail space, with ground-breaking expected immediately after the financing closing.