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Timberland Partners, a privately-owned real estate investment, development and management firm, has closed on new construction financing for its Elevate at SouthWest Station Apartments set to rise on newly-acquired land in Eden Prairie, MN, near the SouthWest Station Metro Transit Center.
Jones Lang LaSalle arranged a $49.7 million, HUD-insured 221(d)(4) loan on behalf of the borrower. Additional financing was also provided by Hennepin County, the City of Eden Prairie, and the Metropolitan Council.
“Elevate marks our third project located adjacent to an LRT station,” said Ryan Sailer, vice president of development for Timberland. “This project is unique because not only is it mixed-income, but it’s also mixed-use. It really aligns with the clear vision that both us and the City of Eden Prairie had with regards to how the site was redeveloped. It’s another great example of what strong public/private partnerships can accomplish.
Like the firm’s other TOD projects, Elevate utilized a variety of funding sources, according to Sailer.
The $63.7 million, 222-unit mixed-income project was designed by Kaas Wilson Architects and will be constructed by Frana Companies, both based in Minneapolis. Construction completion for Elevate is scheduled for August 2019.
Elevate will rise on land Timberland acquired immediately adjacent to the future SouthWest Light Rail Station, which sits on the Green Line that connects the SouthWest suburbs to both Minneapolis and Saint Paul. The LRT line will run along the property boundary.
The project will incorporate sustainable features including a ‘living’ green roof, rainwater cistern and permeable pavers along with electric car charging stations. Building amenities include a rooftop courtyard overlooking Purgatory Creek Park with pool, outdoor kitchen and bocce court. Additional amenities include a fitness center, yoga studio, community room, game room, co-working lounge, package center, heated underground parking with bike storage, playground, and dog run and spa. Apartment homes will range from studios, one-, two-, and three-bedroom layouts with several penthouse options.
