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.