JLL announced that it has closed the sale of and the acquisition financing for The Cosmopolitan Apartments, an eight-story, 258-unit, distinguished multi-housing community located in the historic Lowertown neighborhood of St. Paul, Minnesota.
JLL worked on behalf of the seller, AEW Capital Management, and Bigos Management acquired the asset. JLL also worked on behalf of the new owner to secure the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Bigos Management was represented by Will Tansey of Felhaber Larson law firm.
Formerly the Finch, Van Slyck, and McConville Dry Goods Company building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911, which was transformed into a vibrant apartment community in 1989. Since then, the building has undergone $8 million in upgrades to blend its historic charm with modern living. The property features studio, one- and two-bedroom floorplans, averaging 805 square feet, and units include stainless steel appliances, 12-foot windows, 16-foot ceilings, oversized walk-in closets, in-unit laundry and quartz countertops. Community amenities include a fully equipped fitness center, a spin/yoga room, a high-speed internet lounge, a barbeque and picnic area, a fire pit, media room, clubhouse, courtyard, bocce court and more.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Josh Talberg, Mox Gunderson and Dan Linnell, Senior Director Adam Haydon and Director Devon Dvorak. Senior Managing Director Ken Dayton and Director Pat McMullen led the JLL Capital Markets Debt Advisory team.
“The Cosmopolitan is a highly regarded community that was well received in a competitive offering process,” said Talberg. “We are honored to have played a part in the sale and debt financing for this generational asset.”
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’s Capital Markets group 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.
