Refinancing milestone at The Fox & The Grouse

The Fox & The Grouse, a 237-unit apartment community co-developed by Greco and Eagle Ridge Partners with equity partner Amstar Group, has successfully secured a $50 million refinancing loan following a strong lease-up performance. Located at 6901 Flying Cloud Drive in Eden Prairie, the property reached 95 percent occupancy within just seven months of opening, a remarkable achievement for a newly built multifamily development.

The five-year loan, which carries an interest rate below five percent, reflects the project’s robust performance and continued demand for quality housing in the southwest metro. Phase 1 includes 25 percent affordable units—49 units at 50 percent area median income and 12 units at 80 percent AMI—qualifying it for TIF and 4d tax status. Building on this success, Phase 2 is now underway and will add another 188 units, maintaining the same affordable housing commitment.

This milestone reinforces Greco’s dedication to creating high-quality, in-demand multifamily communities that combine thoughtful design, strong performance, and lasting value for residents and partners alike.