**BWE Secures $20M Financing for Minneapolis Development**
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 Minnesota-based development company. The loan has a 10-year term with a 35-year amortization period and includes five years of interest-only payments. It was secured to refinance a high-interest floating rate construction loan. Lake Place, built in 2023, reached full lease-up during the loan underwriting process.
“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 maturity while maximizing proceeds and reducing the sponsor’s cash outlay by strategically timing the rate lock with lease-up completion and concession burnoffs,” said Kassa.
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