JLL Capital Markets sold and secured financing for Rivertown Commons
News release
19 June 2024
Legacy community sells in Downtown Stillwater on the shores of the St. Croix
Your browser doesn't support speech synthesis.
Listen to article •
Read time: 1 sec
MINNEAPOLIS, June 19, 2024 – JLL Capital Markets announced today that it arranged the sale and financing, secured through Freddie Mac, for Rivertown Commons, a 96-unit (62+) senior living, Section 8 affordable housing building situated along the St. Croix River in the heart of historic downtown Stillwater, Minnesota.
JLL worked on behalf of the seller, Dominium Management, and procured the buyer, a mission-first investment firm who specializes in affordable and workforce housing. The buyer plans to invest additional capital to refresh the units and common areas in addition to extending the existing affordability restrictions.
Rivertown Commons features community amenities such as a game room, library, private garden patio and more. The seven-story building spans 55,800 square feet at 212 2nd St. in Washington County.
Nestled just steps from the banks of the St. Croix River, Stillwater is a well-known Twin Cities gem. Thousands of tourists visit each year to partake in its natural beauty, rich history and tranquil atmosphere. It’s evident as a staple eastern suburb and the largest city on the St. Croix, Stillwater’s economy benefits immensely from being along the Minnesota-Wisconsin border and only 20 minutes from Minnesota’s capital. Ultimately, Stillwater presents a unique high-quality-of-life with a small-town feel, while remaining conveniently close to the metro’s most popular amenities.
“We are excited for the Standard team and their expansion into Minnesota with the purchase of Rivertown Commons, one of Stillwater’s most iconic buildings," Talberg said. "The project received multiple bids, drawing interest from local and national investors due to the size of the HAP contract and the limited affordable housing inventory for sale.”
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Josh Talberg and Senior Managing Director Doug Childers.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director C.W. Early, Senior Managing Director Ken Dayton and Senior Director Pat McMullen.
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.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Dominium Management
Founded in 1972, Dominium is a leading national owner, developer, and manager of affordable apartment communities with offices in Atlanta, Dallas, Phoenix, and Minneapolis. Owning and managing over 38,000 homes at over 230 sites in about half of all U.S. states, Dominium is known for creative solutions to unique and challenging development projects, and property management expertise. Dominium was named a Best Managed Company by Deloitte in 2020. For more information, visit DominiumApartments.com.