JLL Capital Markets announced that it has secured a $42.908 million bridge loan refinancing to takeout the construction loan for Risor SLP, a 170-unit, 55+ apartment community completed in November 2023 in St. Louis Park, Minnesota.
JLL worked on behalf of the borrower, Roers Companies, in arranging the 2.5-year, floating-rate refinance.
Risor SLP, located at 3510 Beltline Boulevard, offers easy access to Hwy-7 and Hwy-100, just minutes from downtown Minneapolis. The community is situated in one of the most affluent suburbs in the metro, with an average household income of $150,191. Its location appeals to active adults aged 55 and up seeking high-quality suburban living with connections to major employers, shopping and entertainment.
The Minneapolis-St. Paul metro area continues to be a thriving region with a strong economy, highly educated workforce and exceptional quality of life. St. Louis Park, in particular, has seen significant growth and development in recent years, attracting individuals of all ages.
Risor SLP, a six-story residential complex built in 2023, offers a contemporary living experience featuring 170 units including 18 affordable apartment units for income-restricted renters. Residents can enjoy a host of amenities, including a club room, golf simulator, movie theater, pool and spa, pickleball court and a top-floor sky lounge and sky deck.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Scott Loving, Senior Director Scott Streiff, Vice President Gary Marchiori and Associate William Hintz.
“The successful arrangement of bridge financing for Risor SLP demonstrates the continued strength of the Twin Cities multifamily market, particularly in the growing 55+ segment,” said Loving. “This project’s strategic location in St. Louis Park and its high-quality amenities make it an attractive investment opportunity in today’s market.”
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.
