$50M refinancing secured for The Fox & The Grouse Phase I in Eden Prairie

MINNEAPOLIS, Oct. 31, 2025 – JLL Capital Markets announced today that it has secured a $50 million refinancing for The Fox and The Grouse, a 237-unit multi-housing property located in the Golden Triangle neighborhood of Eden Prairie, Minnesota.

JLL represented the partnership of Greco and Eagle Ridge Partners, as well as joint venture equity partner Amstar Group, in arranging the five-year loan through PNC Bank.

The Fox & The Grouse Phase I, located at 6901 Flying Cloud Dr., delivered its first units in December 2024 and completed construction in April 2025. The property showcased an impressive lease up, surpassing initial projections leading to an ahead of schedule stabilization. The development features 205,561 square feet of rentable space across alcove, one-, two- and three-bedroom units averaging 867 square feet.

The project includes 25% affordable housing with 49 units at 50% area median income (AMI) and 12 units at 80% AMI, qualifying for beneficial 4d tax classification and an accretive TIF note. Residents enjoy world-class amenities including an outdoor pool, golf simulator, pickleball courts, club-quality wellness center, work-from-home spaces, theater room and underground parking with 315 garage stalls.

Strategically positioned in Eden Prairie's Golden Triangle district, the property benefits from proximity to over 600 companies and 20,000 jobs representing half of the city's employment base. The development will have direct access to the Southwest Light Rail Transit Green Line Extension's Golden Triangle Station, scheduled to open in 2027, providing seamless connectivity to downtown Minneapolis, the University of Minnesota and MSP International Airport.

JLL Capital Market’s Advisory Team representing the sponsor was led by Scott Loving, Josh Talberg, Joe Peris, Will Hintz and Colin Ryan.

"The Fox & The Grouse Phase I exemplifies the strong fundamentals driving investment demand in Eden Prairie's Golden Triangle," said Loving. "The property's outstanding lease-up performance, combined with the sponsors' proven track record and the submarket's institutional-quality tenant base, made this an attractive refinancing opportunity for lenders.”

This transaction positions The Fox and The Grouse Phase II development, which broke ground in August, for future success as the multiphase site comes to life and sets the standard for quality living in the market.

The sponsorship team combines Greco Properties' 20-year track record of developing and managing over 5,000 housing units with Eagle Ridge Partners' $1 billion portfolio of institutional-quality commercial real estate assets. Their joint venture partner Amstar brings over 30 years of real estate investment experience with approximately $1.5 billion in assets under management.

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 square feet 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 three 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.

PNC Bank offers a wide range of personal banking services including checking and savings accounts, credit cards, mortgage loans, auto loans and much more.