Updated Sep 4, 2026
JLL Secures $76.25 Million Loan For Thompson Oaks Multifamily Development In West St. Paul
150 Thompson Avenue East
$76,250,000
$308/SF
Building Size
246,891 SF
Asset Type
MultiFamily
Closing
Sep 2, 2026
About this deal
AI
The property involved in this transaction is Thompson Oaks, a multifamily development located at 150 Thompson Avenue East in West St. Paul, MN. This asset features 291 units and encompasses 246,891 square feet of residential space. The project will also include 342 garage stalls and 7,100 square feet of retail space.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $76,250,000
- Lender: First International Bank & Trust
- Landlord: Greco; Swervo Management
- Brokers: Josh Talberg, Scott Loving, William Hintz & Jack Graveline - JLL
JLL secured financing for this development, which includes a $63 million floating-rate loan from First International Bank & Trust and an additional $13.25 million from WhiteStar Advisors. The groundbreaking for this five-story project is planned to occur immediately after the closing of the loan.
Players
First International Bank & Trust
LenderSaint Paul MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93