JLL Capital Markets secured the financing for the 200-unit Savor Apartments in West St. Paul, Minnesota
News release
27 July 2023
$34.625M refinancing arranged for West St. Paul multi-housing community
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MINNEAPOLIS, July 27, 2023 – JLL Capital Markets announced today that it has arranged the $34.62 million refinancing of Savor Apartments, a 200-unit, mid-rise, market-rate multi-housing community located in West St. Paul, Minnesota.
JLL worked on behalf of the borrower, Roers Companies, to secure the fixed-rate, ten-year, full-term interest only, Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Newly built in 2022, Savor Apartments features one- and two-bedroom units with granite countertops, stainless steel appliances, vinyl plank flooring, in-unit washers and dryers and more. Community amenities include an entertainment suite, a community room, game room, work-from-home suites, coffee bar, rooftop skylounge, rooftop skydeck and a fitness center.
The property is situated at 1571 Robert Street S. and is minutes from US-52, allowing quick access to St. Paul and nearby suburbs.
The JLL Capital Markets Advisory team was led by Senior Director Scott Streiff and Managing Director Scott Loving.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
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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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 106,000 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 Roers Companies
Roers Companies is an emerging national leader in multifamily real estate investment, development, construction and property management based in Plymouth, Minn. The company builds quality rental housing in areas where demand outpaces supply. The firm’s development projects and properties represent more than 10,000 apartment units in 14 states. In 2023, Roers Companies has been recognized as a National Multifamily Housing Council (NMHC) Top 25 Developer and named the Minnesota Real Estate Awards Developer of the Year.