Eden Prairie, Minnesota, August 26, 2025
News Summary
A $55.62 million financing package has been arranged to build The Fox & The Grouse Phase II, a six-story, 188-unit apartment building in Eden Prairie’s Golden Triangle. The capital includes a $39.12 million construction loan and $16.50 million in joint-venture equity to support immediate construction. The development will feature a mix of studio to three-bedroom homes, with 25% of units reserved as affordable housing at 50% and 80% AMI. Planned amenities include an outdoor pool, wellness center, golf simulator and underground parking, and the site preserves over nine acres of wetlands and links to a future light rail station.
JLL Arranges $55.62M in Equity and Construction Financing for The Fox & The Grouse Phase II in Eden Prairie
Financial backing totaling $55.62 million has been secured for The Fox & The Grouse Phase II, a 188‑unit multifamily project planned in Eden Prairie’s Golden Triangle neighborhood. The financing package combines a $39.12 million three‑year floating‑rate construction loan and $16.50 million of joint‑venture equity. The transaction supports a six‑story, transit‑oriented development set to break ground in August 2025.
Key finance and sponsor details
The construction loan was placed through MidWestOne Bank. The equity portion was provided by Amstar Group in a joint‑venture arrangement. JLL Capital Markets acted on behalf of the project sponsor group led by Greco and Eagle Ridge Partners, coordinating debt and equity placement. The JLL advisory team working on the engagement included multiple capital markets specialists covering advisory and placement responsibilities.
Project scope and design
Located at 6901 Flying Cloud Dr., Phase II adds 188 units across 167,312 rentable square feet. Unit types will include studios and one‑, two‑ and three‑bedroom apartments. The building will rise six stories and provide 263 parking stalls, equal to a parking ratio of 1.40 spaces per unit with underground parking included.
A quarter of the homes – 25% of the units – are designated as affordable, targeted at households earning 50% and 80% of area median income (AMI). The project was designed by BKV Group and includes more than typical amenity offerings to attract a range of renters.
Amenities, site features and sustainability elements
- Outdoor pool
- Golf simulator
- Club‑quality wellness center
- Work‑from‑home spaces
- Theater room
- Club room and private dining area
- Underground parking
The development site includes over nine acres of wetlands, which the design intends to preserve and integrate into common open space. The wetlands aim to give residents a stronger connection to nature even in a denser transit‑oriented setting.
Transit connection and market access
Phase II is the second phase of a larger transit‑oriented development directly connected to the Golden Triangle Station on the Southwest Light Rail Transit (SWLRT) Green Line Extension. The light‑rail extension is scheduled to open in 2027, positioning the development for strong transit access to Downtown Minneapolis, the University of Minnesota and MSP International Airport.
Timing and next steps
Groundbreaking is planned to begin immediately in August 2025. Construction financing is structured as a short‑duration floating‑rate loan, reflecting a multiyear build and lease‑up horizon typical of suburban multifamily development close to major transit nodes.
Local market context
The deal comes amid active suburban multifamily activity in the Twin Cities. Nearby transactions include the sale of a 375‑unit garden‑style community in Eden Prairie to a regional investor partnership, and other recent trades and financings that reflect investor interest in suburban locations with transit access. Market data show a concentration of new supply shifting toward suburbs in the region, with industry observers noting steady rental demand near major employment clusters.
Why this matters
The combined equity and construction financing unlocks a project that pairs transit access, a sizable affordable housing component and substantial amenity offerings. The project is being positioned to serve both workforce renters who rely on transit and renters seeking suburban amenities with city connectivity. Preservation of wetlands and an integrated open space strategy are notable site features that add environmental and lifestyle value.
Project contacts and roles
- Sponsor: Greco and Eagle Ridge Partners
- Debt provider: MidWestOne Bank
- Equity partner: Amstar Group
- Design: BKV Group
- Capital markets advisor: JLL Capital Markets
Frequently Asked Questions
What is the total financing amount for the project?
The total capital package combines debt and equity to reach $55.62 million.
Who provided the construction loan and equity?
The construction loan was facilitated through MidWestOne Bank, and joint‑venture equity was sourced from Amstar Group.
When will construction begin and how long is the loan term?
Groundbreaking is scheduled for August 2025. The construction loan is a three‑year floating‑rate facility aligned with the build and initial lease‑up period.
How many units and what type of housing will the project offer?
Phase II will deliver 188 units with a mix of studio, one‑, two‑ and three‑bedroom apartments. 25% of units are set aside as affordable at 50% and 80% AMI.
How is the project linked to public transit?
The site connects directly to the Golden Triangle Station on the SWLRT Green Line Extension, which is scheduled to open in 2027.
What amenities and on‑site features are included?
Planned amenities include an outdoor pool, golf simulator, wellness center, theater room, work‑from‑home spaces, club room, private dining area and underground parking. The site also preserves over nine acres of wetlands.
Key Project Features
| Feature | Detail |
|---|---|
| Project name | The Fox & The Grouse Phase II |
| Total financing | $55.62 million (debt + equity) |
| Construction loan | $39.12 million (three‑year, floating‑rate) |
| Joint‑venture equity | $16.50 million (Amstar Group) |
| Sponsor | Greco and Eagle Ridge Partners |
| Units | 188 units (mix of studio, 1‑, 2‑, 3‑bedrooms) |
| Affordable units | 25% at 50% and 80% AMI |
| Rentable area | 167,312 sq ft |
| Parking | 263 stalls (1.40 spaces per unit, includes underground) |
| Stories | Six stories |
| Address | 6901 Flying Cloud Dr., Golden Triangle, Eden Prairie, MN |
| Designer | BKV Group |
| Transit link | Direct connection to Golden Triangle Station (SWLRT Green Line Extension) |
| SWLRT opening (scheduled) | 2027 |
| Groundbreaking | August 2025 |
| Site features | Over nine acres of wetlands, integrated open space |
| Notable amenities | Outdoor pool, golf simulator, wellness center, theater room, work‑from‑home spaces |
Deeper Dive: News & Info About This Topic
Additional Resources
- YieldPro: The Fox & The Grouse Phase II
- Wikipedia: Eden Prairie, Minnesota
- Multihousing News: FPA Multifamily Acquires in Minnesota
- Google Search: FPA multifamily acquires Minnesota
- ReBusiness Online: Redwood Capital Group acquires 375-unit in Eden Prairie
- Google Scholar: Redwood Capital Group Eden Prairie acquisition
- Multifamily Dive: Redwood makes $43M acquisition in Minneapolis suburb
- Encyclopedia Britannica: Minneapolis
- TwinCities: Does Eden Prairie have the right level of affordable housing?
- Google News: Eden Prairie affordable housing
Author: Construction NY News
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