WEST ST. PAUL, MINN. — JLL Capital Markets has arranged $76.3 million in financing for Thompson Oaks, a 291-unit luxury apartment community to be built in West St. Paul. Josh Talberg, Scott Loving, Will Hintz and Jack Graveline of JLL represented the borrower, Greco and Swervo Management. First International Bank & Trust provided a $63 million loan, which features a four-year term and a floating interest rate. JLL also sourced $13.3 million from WhiteStar Advisors. Construction will begin immediately following closing.
The five-story development will offer a mix of alcoves, one-, two- and three-bedroom units, as well as 19 townhome-style units. The development team will also lead a renovation of a former auto parts shop, creating an additional 7,100 square feet of commercial retail space. Amenities will include an outdoor pool, golf simulator, wellness center, work-from-home spaces, a theater room, clubroom, private dining area and underground parking.
The project is a public-private partnership with the City of West St. Paul. Upon completion, the public components will include significant park improvements with connections to the regional trail system. The project, which will be built by Frana Cos. and designed by BKV Group, represents the initial phase of a master redevelopment of the former YMCA site. As such, the city is providing significant financial support in the form of tax-increment financing.