$55.62M in capital secured for Phase II of The Fox & The Grouse in Eden Prairie

MINNEAPOLIS, Aug. 21, 2025 – JLL Capital Markets announced today that it has secured joint venture equity and construction financing totaling $55.62 million for The Fox and The Grouse Phase II, a 188-unit multi-housing development located in the Golden Triangle neighborhood of Eden Prairie, Minnesota.

JLL represented the Sponsor, Greco and Eagle Ridge Partners, in facilitating the $39.12 million, three-year, floating-rate loan through MidWestOne Bank. JLL also sourced $16.50 million joint venture equity from Amstar Group.

The Fox & The Grouse Phase II, located at 6901 Flying Cloud Dr., will break ground immediately in August 2025. The six-story development will offer a mix of studios, one-, two- and three-bedroom units, with 25% of the homes designated as affordable at 50% and 80% area median income (AMI). The project features 167,312 square feet of rentable space and 263 parking stalls, providing a ratio of 1.40 spaces per unit.

Residents will enjoy an impressive amenity package including an outdoor pool, golf simulator, club-quality wellness center, work-from-home spaces, theater room, club room, private dining area and underground parking. The site's unique setting includes over nine acres of wetlands, creating a distinctive environment that connects residents with nature.

The project, designed by BKV Group, represents the second phase of a significant transit-oriented development (TOD) that will be directly connected to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension, scheduled to open in 2027. This location provides exceptional accessibility to major employment centers including Downtown Minneapolis, the University of Minnesota, and MSP International Airport.

The JLL Capital Markets Advisory Team representing the sponsor was led by Josh Talberg, Scott Loving, Joe Peris, Matthew Schoenfeldt, Colin Ryan and Will Hintz.

"The Fox & The Grouse Phase II represents a landmark development for Eden Prairie," said Talberg. "This project demonstrates the ongoing dedication of Greco and Eagle Ridge Partners to providing exceptional housing options in one of the Twin Cities' most desirable suburban communities. The Golden Triangle innovation district, home to 600 companies and approximately 20,000 employees, continues to attract significant interest from investors and lenders seeking premium assets of this caliber."

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.

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Since 2002, Greco has been a mainstay in the real estate sector of the Twin Cities market with involvement in the development and management of over 5,000 housing units and 350,000 sf of commercial space. The firm is an established full-service organization performing award winning real estate development, market leading property management, and third-party consulting services primarily focused on mixed-use redevelopment.

Founded in Minneapolis in 1996, Eagle Ridge Partners (ERP) is a privately held development, acquisition, and asset management company. They have owned, operated, and developed over $1 billion of institutional-quality commercial real estate assets in their 20+ year history. ERP’s current portfolio includes over 3 million square feet in the Twin Cities metro area, including office, industrial, multi-family and design center properties.

Based in Denver, CO, Amstar is a privately owned real estate investment management company with over three decades of experience acquiring, developing and managing all major property types across the United States. Focused on partnering with best-in-class local and national Sponsors, Amstar targets ground-up developments and value-add executions in gateway and secondary US markets with an emphasis on infill and high-barrier to entry locations. Amstar also selectively pursues core and core-plus acquisitions in primary markets.