Greco and Eagle Ridge Partners have secured joint venture equity and construction financing totaling $55.62 million for The Fox and The Grouse Phase II, a 188-unit multi-housing development located in the Golden Triangle neighborhood of Eden Prairie, Minn.
JLL represented the sponsor in facilitating the $39.12 million, three-year, floating-rate loan through MidWestOne Bank. JLL also sourced $16.5 million joint venture equity from Amstar Group.
The Fox & The Grouse Phase II, located at 6901 Flying Cloud Drive, will break ground in August. The six-story development will offer a mix of studios, one-, two- and three-bedroom units, with 25 percent of the homes designated as affordable at 50 percent and 80 percent area median income. The project features 167,312 square feet of rentable space and 263 parking stalls, providing a ratio of 1.4 spaces per unit.
Residents will enjoy an amenity package that includes an outdoor pool, golf simulator, club-quality wellness
