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JPL Development Secures $39.5 Million Loan From Freddie Mac For 207-Unit Apartment Community

Property Image
FINANCED
$39,500,000
Joe Monteleone
Bonnie Monteleone

Minnesota

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MultiFamily
Financed 06/05/2026
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Property Image
FINANCED

JPL Development Secures $39.5 Million Loan From Freddie Mac For 207-Unit Apartment Community

326 Karen Drive

See Similar Deals
MultiFamily
Financed 06/05/2026
Joe Monteleone
Bonnie Monteleone
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in this transaction is a multifamily property located at 326 Karen Drive in Woodbury, MN. The property comprises 207 residential units and spans an area of 11.66 acres. JPL Development secured a permanent loan amounting to $39,500,000, transitioning from an initial construction loan of $38.4 million obtained from Commerce Bank.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $39,500,000
  • Loan Type: Permanent
  • Loan Terms: 10-year fixed-rate loan with five years of interest-only payments
  • Lender: Freddie Mac
  • Landlord: JPL Development
  • Broker Representatives: Joe Monteleone & Bonnie Monteleone - Gantry
  • Occupancy Rate: 94%
  • Location: Approximately 20 miles from Minneapolis
  • Previous Financing: $38.4 million construction loan from Commerce Bank
The key individuals involved in this transaction include Joe Monteleone and Bonnie Monteleone, who serve as broker representatives from Gantry, representing JPL Development in the takeout deal transitioning the property to long-term financing.

Players

Joe Monteleone
Gantry
Joe Monteleone
5 deals$120.6M volume(314) 735-8780
BROKER
Bonnie Monteleone
Gantry
Bonnie Monteleone
3 deals$86.6M volume(314) 735-8782
BROKER
Freddie Mac
Freddie Mac
LENDER
JPL Development
JPL Development
LANDLORD

Details

FINANCED
IMAGE: 06/05/2026 ADDRESS: 326 Karen Drive MARKET: Woodbury, MN ASSET TYPE: Multifamily ~ UNITS: 207 ~ ACRES: 11.66 LENDER: Freddie Mac LANDLORD: JPL Development BROKERS: Joe Monteleone & Bonnie Monteleone - Gantry LOAN AMOUNT: $39,500,000 LOAN TYPE: Permanent LOAN TERMS: 10-year, fixed-rate loan features five years of interest-only payments NOTE: JPL Development has secured a $39.5 million Freddie Mac-backed permanent loan for Edison at Woodbury, a 207-unit apartment community in Woodbury, Minnesota, which was originally financed with a $38.4 million construction loan from Commerce Bank. The Class A, 94%-occupied project, located about 20 miles from Minneapolis, transitions into long-term financing with Gantry representing the borrower in the takeout deal.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$39,500,000.00

Monthly NOI$263,333.33
Monthly Debt Service$249,666.87
Change in Cash Flow$0.00
Refinance Proceeds$0.00