BWE has secured a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen, Minnesota, part of the Minneapolis metropolitan area.

Lundat Kassa, vice president in BWE’s Washington, D.C. office, originated the financing through Freddie Mac on behalf of Silver Creek Equity, a MN-based development company. The loan has a 10-year term with a 35-year amortization period and five years of interest-only payments and was secured to close out a high-interest rate floating rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting.

“When our client approached us about refinancing Lake Place, we worked diligently and swiftly to help them pay off their high-interest loan prior to the loan maturity while maximizing proceeds and reducing the sponsor’s cash outlay by strategically timing rate lock with lease-up completion and concession burnoffs,” said Kassa.

Colliers‘ Minneapolis-St. Paul’s Capital Markets team of Mox Gunderson, Dan Linnell, Devon Dvorak, and Adam Haydon represented Greco in the sale of ElseWarehouse, located at 730 N. Washington Ave. in Minneapolis, to North Dakota-based Great States Development.

The transaction marks the first time that these historic warehouse apartments have ever hit the market. “This was a rare opportunity to acquire a marquee property in Minnesota’s top micro market, which is also recognized as one of the top-performing micro markets nationwide,” said Gunderson.

Located in the city’s North Loop neighborhood, ElseWarehouse boasts 100% concrete construction. The 116 residences – a variety of one-, two-, and three-bedroom units – feature 10’ plus ceilings, distinctive exposed brick accents, and floor plans averaging 907 square feet.

Greco converted the 1920s warehouse into chic abodes in 2012 – one of the first developers to embrace adaptive reuse in the coveted North Loop. “We are thrilled to announce the acquisition of this iconic property in the heart of Minneapolis’ vibrant North Loop neighborhood,” said Scott Houle, vice president of Great States Development.

Berkadia announced the refinancing of The Pillars of Prospect Park, a 283-unit seniors housing community in Minneapolis, Minnesota. Managing Directors Austin Sacco and Steve Muth of Berkadia Seniors Housing & Healthcare secured bridge financing through a national bank on behalf of Harrison Street and Oppidan.

“We are thrilled to have led the refinance of this incredible intergenerational living asset for this top-tier sponsorship group,” said Sacco. The three-year bank loan features an attractive interest rate and three years of interest only.

The property affords convenient access to Downtown Minneapolis, the University of Minnesota Medical Center, and Midland Hills Country Club. The Pillars of Prospect Park was built in 2020 and features an intergenerational living model that includes senior living, student living, and a children’s daycare.