JLL Capital Markets has successfully secured $60.14 million in financing for the development of Avalon Apartments and Townhomes, a premier multifamily and townhome project located in Minnesota. The borrower, Trident Development based in St. Cloud, entrusted JLL to arrange the funding on their behalf.
The competitive construction loan of $45 million was obtained from Alerus, a leading provider of business and consumer banking solutions headquartered in North Dakota. Additionally, JLL sourced an additional $15.14 million through mezzanine financing from Centerspace – a reputable real estate investment trust focused on acquiring and managing apartment communities.
Construction is set to commence immediately with plans for 244 high-end residential units along with 193 structured parking spaces at completion. Future residents can expect luxurious studio, one-bedroom,two-bedroom,and three-bedroom options at this highly anticipated community development project.
