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Trident Development secures $60m in capital for a Minnesota multi-housing development community
Transactions - DECEMBER 22, 2023

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Trident Development secures $60m in capital for a Minnesota multi-housing development community

by RELEASED

Trident Development announced that it secured mezzanine and construction financing totaling $60.14 million for Avalon Apartments and Townhomes, a mid-rise multifamily and townhome development located in the preferred submarket of Inver Grove Heights and bordering Eagan, Minn.

JLL worked on behalf of the borrower to secure the $45 million competitive construction loan from Alerus, a provider of business and consumer banking products and services based out of North Dakota. In addition, JLL sourced $15.14 million in mezzanine financing from Centerspace, a real estate investment trust focused on the ownership, management, acquisition and redevelopment of apartment communities across the Midwest and Mountain West.

The project is set to break ground immediately and will include 244 luxury housing units, as well as 193 structured parking spaces. The unit mix will include studio, one-, two- and three-bedroom units. Amenities at the property will include a large outdoor pool, b

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