Reuter Walton has obtained $47 million in financing for the development of Freestone on Main, a 121-unit luxury community project in Bozeman, Mont. Old National Bank granted the developer a three-year, $32 million construction loan, according to public records, while a real estate investment manager provided $15 million in joint venture equity. JLL Capital Markets arranged the transactions.
The team behind the development includes SMA Architecture + Design and IMEG Corp. as general contractor.
Slated for completion in October 2024, the community will encompass studio, one- and two-bedroom floorplans, ranging between 599 and 1,820 square feet, as well as some 900 square feet of ground-level retail space. Common-area amenities are set to include a fitness and yoga center, rooftop deck, a pet spa, along with a library and coworking spaces.
The six-story building will take shape at 421 W. Main St. in downtown Bozeman, close to a host of dining and retail options. Montana State University is 1 mile away, while Bozeman Yellowstone International Airport is some 10 miles northwest.
The JLL Capital Markets team was led by Managing Directors Scott Loving and Mox Gunderson, along with Senior Director Adam Haydon. Earlier this year, Gunderson and Loving were part of the team that secured $68.9 in equity and construction financing for a 237-unit luxury community in Eden Prairie, Minn.
