Berkadia closed the sale and financing of The Pillars of Lakeville, a full-acuity trophy senior living asset in the southern Minneapolis suburb of Lakeville.
This premier, Class-A seniors housing community opened in 2023 and features 100 units of independent living, assisted living, and memory care options. With no new competitive supply in the pipeline, rapid lease-up, and strong local demographic growth, The Pillars of Lakeville offered a unique investment opportunity in the fast-growing Minneapolis seniors housing market.
Managing Directors Dave Fasano, Ross Sanders, Cody Tremper, and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a joint venture between Harrison Street Asset Management, a leading global alternative investment management firm with more than $108 billion in assets under management across infrastructure, real estate and credit strategies, and Oppidan Development Company, a Minneapolis-based property development firm. Silvercrest Senior Living will operate the community moving forward.
Managing Directors Garrett Sacco, Austin Sacco, and Steve Muth, along with Assistant Vice President Alec Rosenfeld of Berkadia Seniors Housing & Healthcare ran a competitive process to secure acquisition financing through a regional bank on behalf of the buyer, Artemis Real Estate Partners. The floating rate loan featured up to five years in term with an attractive interest rate, interest only during the initial term, and flexibility to execute the business plan upon acquisition.
The Pillars of Lakeville stands out in its local market for its luxury amenities, vibrant resident-focused design, and sophisticated age-in-place model. Residents enjoy upscale features such as a dining room, fitness center, wellness programs, salon and spa, game room, pickleball court, and heated underground parking, alongside a convenient enclosed connection to nearby community resources.
