 |
Rendering of Paravel, a planned
246-unit apartment community
at 8300 Commonwealth Drive,
Eden Prairie, MN |
MINNEAPOLIS,
MN – JLL Capital Markets has arranged
$85.1 million in joint venture equity and construction financing for the
development of Paravel, a 246-unit best-in-market multi-housing community in
the Minneapolis suburb of Eden Prairie, Minnesota.
JLL worked on
behalf of the borrower, Timberland Partners, to secure
the $59.5 million long-term construction-to-permanent fixed
rate loan
through a Life Insurance Company.
 |
| Josh Talberg |
Additionally, JLL sourced
$25.6 million in joint venture equity from a high-net-worth family office.The JLL Capital Markets Investment and Debt Advisory teams that represented the borrower was led by Senior Directors Josh Talberg, Brock Yaffe, Dan Linnell and Mox Gunderson, Directors Pat McMullen and Adam Haydon, Associate William Haass and Senior Managing Director Ken Dayton.
“JLL is grateful to be a part of this significant transaction,” Talberg said.
“Paravel is a game changer for Eden Prairie and will set the bar for new construction in terms of quality and amenities, while bringing much needed housing to the supply constrained Southwest submarket of Minneapolis.
 |
| Brock Yaffe |
"The entire team worked extremely hard to make this one a reality in what was a difficult environment post-Covid, and I simply can’t say enough good things about Timberland Partners.
"This is a very good day for the city of Eden Prairie and the broader market.”
“Paravel speaks to the continued interest and demand from investors and lenders for best-in-class assets in the Twin Cities market, and especially for suburban areas such as the desirable Southwest submarket of Minneapolis,” said Senior Director Brock Yaffe.
“We are very excited and grateful to have been involved in one of the largest capital raises and debt placements for a suburban Twin Cities project in 2021.”
 |
| Dan Linnell |
This
best-in-class asset, situated on 4.96 irreplaceable acres will include 246
total units (245 apartment units and 1 guest suite unit), 358 underground
stalls of structured parking, and 67 stalls of surface parking.
The
unit mix will include studio, one-bedroom, two-bedroom and penthouse units.
Eden
Prairie, an affluent southwest suburb of Minneapolis, is consistently ranked
among the best places to live in America by Money Magazine, boasting a high
quality of life and top ranked school district.
It is also situated near jobs with an
estimated 5.5 percent of Twin Cities metro area employment based within a
10-minute drive from the site, increasing to more than 30 percent within 20
minutes.
 |
| Mox Gunderson |
Residents will also benefit from being less than a mile from
Interstate 494, and within close proximity to the under construction South
West-Light Rail Transit line, which will provide connection from the southwest
metro to Downtown Minneapolis. Paravel will be 0.5 mile from the Eden Prairie
Town Center Station and 0.7 mile from Southwest Station.
Located
at 8300 Commonwealth Dr., Paravel is a part of the Castle Ridge mixed-use
development. This growing master plan is in the process of being entirely
redeveloped with a mix of residences, restaurants and shopping.
 |
| Pat McMullen |
The Eden
Prairie Shopping Center featuring more than 90 shops and restaurants is a short
walk from the site.
The site also features direct trail access and is
immediately adjacent to Purgatory Creek Park, connecting with more than 200
miles of regional trails.
The
Twin Cities region is known for its unmatched concentration of Fortune 1000
corporations and globally-renowned
natural and cultural landmarks.
Minneapolis-St. Paul is home to numerous
American headquarters for life sciences, financial services, and manufacturing
firms.
 |
| Adam Haydon |
With one of the lowest unemployment rates in the nation, investors,
employers, and workers continue to be drawn to Minneapolis-St. Paul, home to
one of the most diverse and successful economies in the
world.
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. The firm has more than 3,000 Capital Markets specialists
worldwide with offices in nearly 50 countries.
 |
| William Haass |
For
more news, videos and research resources on JLL, please visit our newsroom.
About
Timberland Partners
Timberland
Partners was founded in 1992, is headquartered in Bloomington, Minnesota, and
brings over 40 years of real estate development experience to their
projects.
Timberland owns and operates nearly 18,800 apartment units in 17 states
including North Dakota, Minnesota, Iowa, Illinois, Nebraska,
Michigan, Kansas, Ohio, Missouri, Mississippi, Oklahoma, Tennessee, Arkansas,
Alabama, Georgia, South Carolina, and Florida;
 |
Ken Dayton
|
Employs over 450
full and part time employees throughout the United States, and occupies
district offices in Detroit, Wichita, St. Louis, Orlando, Nashville,
Kansas City, and Des Moines.
About
JLL
JLL
(NYSE: JLL) is a leading professional services firm that specializes in real
estate and investment management.
CONTACT:
Cierra
Lacasse
PR, Capital Markets
JLL
T
+1 602 648 8701
M
+1 408 318 8021
JLL.com
