Done Deals: Legacy community sells in Downtown Stillwater on the shores of the St. Croix in Stillwater, MN

Thursday, June 20, 2024

Legacy community sells in Downtown Stillwater on the shores of the St. Croix in Stillwater, MN

Rivertown Commons, a 96-unit (62+)
senior living, Section 8 affordable housing
building situated along the St. Croix River
in the heart of historic downtown
Stillwater, MN.

MINNEAPOLIS, MN– JLL Capital Markets arranged the sale and financing, secured through Freddie Mac, for Rivertown Commons, a 96-unit (62+) senior living, Section 8 affordable housing building situated along the St. Croix River in the heart of historic downtown Stillwater, Minnesota.

Josh Talberg

JLL worked on behalf of the seller, Dominium Management, and procured the buyer, a mission-first investment firm who specializes in affordable and workforce housing.

The buyer plans to invest additional capital to refresh the units and common areas in addition to extending the existing affordability restrictions.

Rivertown Commons features community amenities such as a game room, library, private garden patio and more. The seven-story building spans 55,800 square feet at 212 2^nd St. in Washington County.

Doug Childers

Nestled just steps from the banks of the St. Croix River, Stillwater is a well-known Twin Cities gem. Thousands of tourists visit each year to partake in its natural beauty, rich history and tranquil atmosphere.

It is evident as a staple eastern suburb and the largest city on the St. Croix, Stillwater’s economy benefits immensely from being along the Minnesota-Wisconsin border and only 20 minutes from Minnesota’s capital.

Ultimately, Stillwater presents a unique high-quality-of-life with a small-town feel, while remaining conveniently close to the metro’s most popular amenities.

C.W. Early

“We are excited for the Standard team and their expansion into Minnesota with the purchase of Rivertown Commons, one of Stillwater’s most iconic buildings," Talberg said.

"The project received multiple bids, drawing interest from local and national investors due to the size of the HAP contract and the limited affordable housing inventory for sale.”

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Josh Talberg and Senior Managing Director Doug Childers.

Ken Dayton

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director C.W. Early, Senior Managing Director Ken Dayton and Senior Director Pat McMullen.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.