BWE Arranges $20M in Permanent Financing for Active Adult Community in Metro Minneapolis

CHANHASSEN, MINN. — BWE has arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen within metro Minneapolis. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The property is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio and storage units.