$76.25M in capital secured for Thompson Oaks in West St. Paul

MINNEAPOLIS, Sep. 1, 2026 –  JLL Capital Markets announced today that it has secured financing totaling $76.25 million for Thompson Oaks, a 291-unit multi-housing development located along the Robert St corridor in West St. Paul, Minnesota.

JLL represented the Sponsor, Greco and Swervo Management, in facilitating the $63 million, four-year, floating-rate loan through First International Bank & Trust. JLL also sourced $13.25 million from WhiteStar Advisors.

Thompson Oaks, located at 150 Thompson Ave., will break ground immediately following closing. The five-story development will offer a mix of alcoves, one-, two- and three-bedroom units, as well as 19 town home style units. The project features 246,891 square feet of rentable space and 342 garage parking stalls, providing a ratio of 1.18 spaces per unit. Additionally, the development team will lead a renovation and delivery of a former auto parts shop, creating an additional 7,100 square feet of commercial retail that will front the Robert Street corridor.

Residents will enjoy an impressive amenity package including an outdoor pool with sun deck, golf simulator, club-quality wellness center, work-from-home spaces, theater room, club room, private dining area and underground parking. The project is a public/private partnership with the City of West St. Paul. Upon completion, the public components will include significant park improvements with connections to the regional trail system, creating a main-on-main destination-style development.

The Project, which is union built by Frana Companies and designed by BKV Group, represents the initial phase of a master redevelopment of the former YMCA site. As such, the City of West St. Paul is providing significant financial support in the form of Tax Increment Financing. The all-encompassing master development components, with premier location on Robert St, cements the Project as the pillar of the community for years to come.

The JLL Capital Markets Advisory Team representing the sponsor was led by Josh Talberg, Scott Loving Will Hintz and Jack Graveline.

 "Thompson Oaks represents a landmark development for West St. Paul," said Talberg. "It reflects Greco's ongoing commitment to delivering exceptional housing in one of the Twin Cities' most up-and-coming communities, built in close partnership with the city to capture its vision for this important site. This project has been years in the making for Greco and West St. Paul, and it will be a celebrated groundbreaking for all parties involved."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. 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 WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

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.   

Swervo Development Corp. is a Minneapolis-based real estate development and investment firm led by Nedal Abul. The company is known for ambitious redevelopment and adaptive reuse projects throughout the Twin Cities, particularly in downtown Minneapolis and the North Loop. Swervo has built a reputation for transforming underutilized properties into major commercial, entertainment, and mixed-use destinations.

Operating nationwide, WhiteStar Advisors, LLC ("WhiteStar"), is an independent S.E.C. registered investment advisor specializing in real estate and related assets. WhiteStar also is a qualified professional asset manager ("QPAM") under ERISA. WhiteStar was established in 2003 by a team of experienced business, financial and real estate professionals to provide real estate focused investment advisory, QPAM, construction monitoring, acquisition, disposition, financing and development services primarily to ERISA-covered investors.