JLL arranges equity for multihousing project near Twin Cities

Capital will be used for the development of NOVO in Richfield, Minnesota

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NOVO
JLL Capital Markets arranged equity for the development of NOVO, a 192-unit multihousing complex located in the Twin Cities’ suburb of Richfield, Minnesota.

JLL Capital Markets announced that it has arranged equity for the development of NOVO, a 192-unit multihousing complex located in the Twin Cities’ suburb of Richfield, Minnesota.

NOVO will consist of a five-story and three-story building situated above a two-level, heated underground parking garage with 246 spaces. The project is being developed on a two-acre site at 2412 West 66th Street just east of Southdale Mall and west of Penn Avenue. In addition, NOVO will offer residents nearby access to Interstates 35 and 494 as well as the forthcoming Bus Rapid Transit METRO Orange Line. The property’s 192 units will total 202,122 square feet across a mix of 28 well-designed studio, one- and two-bedroom floor plans. Units will include luxury finishes, including stainless steel appliances, large kitchen islands, tile backsplashes and spacious closets. Community amenities will include a fitness center with dedicated yoga room, community room, theater room, dog park and an outdoor amenity plaza with a pool, hot tub, fire pits, multiple seating areas and pergola.

The JLL Capital Markets team representing the seller included Senior Directors Dan Linnell, Josh Talberg and Mox Gunderson and Director Adam Haydon.

“JLL was grateful to be a part of moving this project forward amidst all of the uncertainty in the world,” Linnell said. “The successful completion of this transaction is a true testament to the quality of the project, strong sponsorship and a great lending partner.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.