JLL Capital Markets announced that it arranged the sale and financing, secured through Freddie Mac, for Rivertown Commons, a 96-unit (62+) senior living, Section 8 affordable housing building situated along the St. Croix River in the heart of historic downtown Stillwater, Minnesota.
JLL worked on behalf of the seller, Dominium Management, and procured the buyer, a mission-first investment firm who specializes in affordable and workforce housing. The buyer plans to invest additional capital to refresh the units and common areas in addition to extending the existing affordability restrictions.
Nestled just steps from the banks of the St. Croix River, Stillwater is a well-known Twin Cities gem. Thousands of tourists visit each year to partake in its natural beauty, rich history and tranquil atmosphere. It’s evident as a staple eastern suburb and the largest city on the St. Croix, Stillwater’s economy benefits immensely from being along the Minnesota-Wisconsin border and only 20 minutes from Minnesota’s capital. Ultimately, Stillwater presents a unique high-quality-of-life with a small-town feel, while remaining conveniently close to the metro’s most popular amenities.
“We are excited for the Standard team and their expansion into Minnesota with the purchase of Rivertown Commons, one of Stillwater’s most iconic buildings,” Talberg said. “The project received multiple bids, drawing interest from local and national investors due to the size of the HAP contract and the limited affordable housing inventory for sale.”
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Josh Talberg and Senior Managing Director Doug Childers.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director C.W. Early, Senior Managing Director Ken Dayton and Senior Director Pat McMullen.
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.
