CHANHASSEN, Minn. — BWE has secured $20 million in permanent financing for Lake Place, an active adult community located in Chanhassen, roughly 20 miles outside Minneapolis. Silver Creek Equity, a Minnesota-based development company, is the borrower.
Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower. The loan features a 10-year term with a 35-year amortization period and five years of interest-only payments. Proceeds from the loan will be used to close out the existing high-interest floating rate construction financing.
Built in 2023, Lake Place totals 110 residences, with 37 one-bedroom/one-bath units, 29 two-bedroom/one-bath units and 44 two-bedroom/two-bath units. The community is restricted to adults age 55 and older, with 50 units reserved for residences earning at or below 60 percent of the area median income. Amenities at the property include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio, underground garage parking, storage units and patios.