JLL Secures $76.25M in Debt and Equity for Greco and Swervo Management's Thompson Oaks Development in West St. Paul

JLL Capital Markets has arranged $76.25 million in financing for Thompson Oaks, a 291-unit multifamily development at 150 Thompson Ave. in West St. Paul, Minnesota, co-sponsored by Greco and Swervo Management. The firm announced the closing on Sept. 1, 2026, with the project set to break ground immediately following the transaction.

Capital Stack: First International Bank & Trust Leads Debt, WhiteStar Advisors Provides Equity

JLL represented Greco and Swervo Management in structuring the financing, which consists of a $63 million, four-year, floating-rate construction loan provided by First International Bank & Trust. WhiteStar Advisors contributed the remaining $13.25 million in equity. The dual-source capital structure reflects the current development lending environment, in which sponsors frequently assemble multiple capital partners to complete large multifamily starts.

The JLL Capital Markets advisory team representing the sponsors was led by Josh Talberg, Scott Loving, Will Hintz and Jack Graveline.

"Thompson Oaks represents a landmark development for West St. Paul," said Talberg. "It reflects Greco's ongoing commitment to delivering exceptional housing in one of the Twin Cities' most up-and-coming communities, built in close partnership with the city to capture its vision for this important site. This project has been years in the making for Greco and West St. Paul, and it will be a celebrated groundbreaking for all parties involved."

Project Details: 291 Units, 7,100 SF of Retail and a Public/Private Partnership

Thompson Oaks will rise five stories and encompass 246,891 square feet of rentable space. The unit mix includes alcoves, one-, two- and three-bedroom apartments, along with 19 townhome-style units. The development will also include 342 garage parking stalls, representing a ratio of 1.18 spaces per unit.

In addition to the residential component, the development team will renovate a former auto parts shop on the site, converting it into 7,100 square feet of commercial retail fronting the Robert Street corridor. The amenity package includes an outdoor pool with sun deck, golf simulator, wellness center, work-from-home spaces, a theater room, club room, private dining area and underground parking.

Thompson Oaks is structured as a public/private partnership with the City of West St. Paul, which is providing Tax Increment Financing support. Public components of the project include park improvements with connections to the regional trail system, positioning the development as a destination at the intersection of Robert Street and Thompson Avenue. The project represents the initial phase of a broader master redevelopment of the former YMCA site in the city.

The project is union built by Frana Companies and designed by BKV Group.

Sponsors: Greco and Swervo Management Bring Complementary Track Records

Greco has been active in the Twin Cities real estate market since 2002, with involvement in the development and management of more than 5,000 housing units and 350,000 square feet of commercial space. The firm focuses primarily on mixed-use redevelopment and also provides property management and third-party consulting services.

Swervo Development Corp., based in Minneapolis, is led by Nedal Abul and is known for redevelopment and adaptive reuse projects across the Twin Cities, with a concentration in downtown Minneapolis and the North Loop. The firm has built a track record of converting underutilized properties into commercial, entertainment and mixed-use destinations.

Market Context: Twin Cities Multifamily Demand Supports New Development

The Minneapolis–St. Paul multifamily market has continued to show demand sufficient to support new construction starts. The metro absorbed approximately 8,800 units in the first quarter of 2026, with roughly 4,200 units scheduled for delivery across all of 2026—a pace that analysts have described as broadly in line with the market's absorption capacity. West St. Paul in particular has seen notable vacancy compression in Class B and C product, driven by below-average rents that continue to attract cost-sensitive renters.

WhiteStar Advisors, which provided the equity component, is a Securities and Exchange Commission-registered investment advisor specializing in real estate and related assets. The firm, established in 2003, also holds qualified professional asset manager status under ERISA and focuses primarily on ERISA-covered investors.

JLL is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in more than 80 countries. JLL Capital Markets operates with more than 3,000 specialists in offices across nearly 50 countries.