Updated Jun 18, 2026
FINANCEDMultiFamily
JPL Development Secures $39.5 Million Loan From Freddie Mac For 207-Unit Apartment Community
326 Karen Drive
$39,500,000
Units
207
Asset Type
MultiFamily
Closing
Jun 5, 2026
About this deal
AI
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
Hicksville 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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93