Lending markets

JLL Capital Markets closes $67 million refinancing for 100-unit apartment complex in Minnesota

JLL Capital Markets arranged a $67 million refinancing for Nolan Mains, a 100-unit mixed-use mid-rise apartment community in the 50th and France neighborhood of Edina, Minnesota.

JLL worked on behalf of the borrower, Buhl Investors and Saturday Properties, to secure Fannie Mae’s loan. The loan will be managed by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Built in 2019, Nolan Main was a public-private partnership with the city of Edina, helping to transform and revitalize its historic downtown. In addition to the 100 luxury units, there are 16 retailers and two levels of underground parking. Community facilities include a rooftop bar, spa with sauna and steam room, fitness center, lanai, fenced dog run, gourmet chef’s kitchen, indoor and outdoor fireplace and lounge area, club room and a golf simulator.

The property is located in a live-work-play community with high barriers to entry. Plus, the location provides walking accessibility to the many shops and restaurants in the area.

JLL Capital Markets’ debt advisory team representing the borrower was led by managing director Scott Loving and analyst Will Hintz.