Eden Prairie, Minnesota, August 26, 2025
News Summary
A $55.62 million financing package has been arranged to build The Fox & The Grouse Phase II, a six-story, 188-unit apartment building in Eden Prairie’s Golden Triangle. The capital includes a $39.12 million construction loan and $16.50 million in joint-venture equity to support immediate construction. The development will feature a mix of studio to three-bedroom homes, with 25% of units reserved as affordable housing at 50% and 80% AMI. Planned amenities include an outdoor pool, wellness center, golf simulator and underground parking, and the site preserves over nine acres of wetlands and links to a future light rail station.
JLL Secures $55.62M in Financing for The Fox & The Grouse Phase II in Eden Prairie
Key financing and development steps are in place for a 188-unit apartment project in Eden Prairie’s Golden Triangle. A combined $55.62 million package of joint-venture equity and construction financing has been arranged to build The Fox & The Grouse Phase II, which will begin site work in August 2025.
Top-line deal details
The financing package includes a $39.12 million, three-year floating-rate construction loan placed through MidWestOne Bank and $16.50 million in joint-venture equity provided by Amstar Group. Financial advisory and capital-markets representation for the sponsor — a partnership between Greco and Eagle Ridge Partners — was provided by a capital markets advisory team. The project site is at 6901 Flying Cloud Dr.
Project scope and design
The development will be a six-story building offering a mix of studio, one-, two- and three-bedroom apartments across 167,312 square feet of rentable space. The total unit count is 188, and the planned parking provides 263 stalls — a parking ratio of 1.40 spaces per unit, with underground parking included.
Affordability, amenities and site features
The project sets aside 25% of units as affordable housing targeted at households earning 50% and 80% of area median income (AMI). Amenity offerings are designed for modern suburban renters and include an outdoor pool, a golf simulator, a club-quality wellness center, work-from-home spaces, a theater room, a club room and a private dining area. The site also preserves and integrates more than nine acres of wetlands to create outdoor connections to nature for residents.
Transit and location context
The Fox & The Grouse Phase II is the second phase of a larger transit-oriented development tied directly to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension. That light-rail extension is scheduled to open in 2027, increasing transit access to Downtown Minneapolis, the University of Minnesota and MSP International Airport — all major regional employment centers.
Design and development team
The project design work was led by BKV Group. The financing transaction connected the sponsor to equity and debt partners to fund immediate construction activity, with work slated to commence in August 2025.
Market background and related activity
This financing and build program arrives amid growing suburban multifamily activity across the Twin Cities. Nearby transactions and portfolio moves include a garden-style community in Eden Prairie that changed hands and will see capital improvements by its new owner and manager. Local acquisition and construction trends show a shift toward suburb-focused supply, with a sizable share of new apartments being developed outside central downtown areas.
Regional data indicate a significant pipeline of units under construction in the broader metro, and investors have shown interest in properties that sit near transit corridors and major highway connections. Policy moves in neighboring cities have influenced development patterns, and some local builders have adjusted plans in response to regulatory changes and market conditions.
Why this matters
The combined equity and loan package enables immediate ground-breaking for a mid-rise, transit-oriented, mixed-income project that blends market-rate and affordable units, integrates a large wetland buffer, and adds amenity-rich housing near a future light-rail station. The approach reflects a growing investor and developer emphasis on suburban multifamily projects that tie housing to transit and local employment nodes.
What’s next
Construction is scheduled to start in August 2025. The financing structure provides a three-year construction loan horizon for initial delivery phases, while joint-venture equity supports project completion and leasing. Further development milestones, construction timing beyond groundbreaking, and projected lease-up schedules will be determined as the build progresses and permitting and construction steps are completed.
Frequently Asked Questions
What is The Fox & The Grouse Phase II?
The Fox & The Grouse Phase II is a six-story, 188-unit multifamily building planned at 6901 Flying Cloud Dr. in Eden Prairie’s Golden Triangle transit-oriented district.
How much financing was secured and from whom?
A combined financing package of $55.62 million was arranged, including a $39.12 million construction loan through MidWestOne Bank and $16.50 million in joint-venture equity provided by Amstar Group.
When will construction begin?
Groundbreaking is scheduled to begin immediately in August 2025.
How many affordable units are included?
One quarter of the homes, or 25%, are designated as affordable housing aimed at households at 50% and 80% of area median income.
What amenities and site features are planned?
Amenities include an outdoor pool, golf simulator, club-quality wellness center, work-from-home spaces, theater room, club room, private dining area and underground parking. The site also preserves more than nine acres of wetlands.
Is the project connected to public transit?
Yes. The development is part of a transit-oriented plan that will link directly to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension, scheduled to open in 2027.
Who is designing and sponsoring the project?
The project was designed by BKV Group and is sponsored by a joint effort between Greco and Eagle Ridge Partners, with capital markets advisory services provided by a finance advisory team.
Key Project Features
| Feature | Detail |
|---|---|
| Project name | The Fox & The Grouse Phase II |
| Location | 6901 Flying Cloud Dr., Golden Triangle, Eden Prairie, MN |
| Units | 188 units (studio — three-bedroom mix) |
| Rentable area | 167,312 sq ft |
| Stories | Six |
| Financing | $39.12M construction loan + $16.50M JV equity = $55.62M total |
| Equity partner | Amstar Group (joint-venture equity) |
| Loan provider | MidWestOne Bank (three-year, floating-rate loan) |
| Affordable housing | 25% of units at 50% and 80% AMI |
| Parking | 263 stalls, 1.40 spaces per unit, includes underground parking |
| Amenities | Outdoor pool, golf simulator, wellness center, work-from-home spaces, theater, club room, private dining |
| Site features | Over nine acres of preserved wetlands |
| Transit connection | Directly linked to Golden Triangle Station on SWLRT Green Line Extension (opening scheduled 2027) |
| Design | BKV Group |
| Construction start | August 2025 |
Deeper Dive: News & Info About This Topic
Additional Resources
- YieldPro: The Fox & The Grouse Phase II
- Wikipedia: Eden Prairie, Minnesota
- Multihousing News: FPA Multifamily Acquires in Minnesota
- Google Search: FPA multifamily acquires Minnesota
- ReBusiness Online: Redwood Capital Group acquires 375-unit in Eden Prairie
- Google Scholar: Redwood Capital Group Eden Prairie acquisition
- Multifamily Dive: Redwood makes $43M acquisition in Minneapolis suburb
- Encyclopedia Britannica: Minneapolis
- TwinCities: Does Eden Prairie have the right level of affordable housing?
- Google News: Eden Prairie affordable housing
Author: Construction CA News
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