Dealmaker: JLL Secures $43M Multifamily Refinance in Suburban Minneapolis
(Illustration courtesy of JLL)
JLL Capital Markets, Chicago, secured a $42.9 million bridge loan refinancing to takeout the construction loan for Risor SLP, a 170-unit, 55-plus apartment community in St. Louis Park, Minn.
JLL represented the borrower, Roers Cos., in arranging the 2.5-year, floating-rate refinance.
Risor SLP, located at 3510 Beltline Blvd., delivered in November 2023 near Hwy-7 and Hwy-100, minutes from downtown Minneapolis. The community is situated in one of the most affluent suburbs in the metro, with an average household income exceeding $150,000. Its location appeals to active adults aged 55 and up seeking high-quality suburban living with connections to major employers, shopping and entertainment.
The Minneapolis-St. Paul metro area continues to be a thriving region with a strong economy, highly educated workforce and exceptional quality of life. St. Louis Park, in particular, has seen significant growth and development in recent years, attracting individuals of all ages.
Risor SLP, a six-story residential complex built in 2023, offers a contemporary living experience featuring 170 units including 18 affordable apartment units for income-restricted renters. The unit mix is comprised of studios, one-, two- and three-bedroom layouts, all designed with high-end finishes including white cabinetry, gray kitchen islands, gas ranges and luxury vinyl plank floors. Residents can enjoy a host of amenities, including a club room, golf simulator, movie theater, pool and spa, pickleball court and a top-floor sky lounge and sky deck.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Scott Loving, Senior Director Scott Streiff, Vice President Gary Marchiori and Associate William Hintz.
“The successful arrangement of bridge financing for Risor SLP demonstrates the continued strength of the Twin Cities multifamily market, particularly in the growing 55-plus segment,” Loving noted.
