EverWest Provides Financing For Lake Calhoun Minneapolis Multifamily Development

Rendering of planned LakeHaus apartments, 3100 West Lake Street, Calhoun community, Minneapolis, MN

MINNEAPOLIS, MN  – EverWest Real Estate Investors, together with its investor LibreMax Capital, LLC has announced it will provide financing for the development of LakeHaus, an eight-story, best-in-class multifamily project being developed by Brickstone Partners Inc. and KMK Capital LLC in the Lake Calhoun community of Minneapolis.

Located at 3100 W. Lake St., LakeHaus is scheduled to begin construction in November and deliver during the second quarter of 2020. When completed, it will have 200 luxury apartments situated on the last developable parcel of land along the northwest shore of Lake Calhoun, a premier live-work-play community within one of the country’s strongest rental markets.

Zi Sen Chong

“LakeHaus takes full advantage of a market need, delivering in-demand luxury living options with a direct connection to both employment centers and recreation,” said EverWest Senior Associate for Structured Finance Zi Sen Chong.  “That points to a bright future for the development.”

Apartments at LakeHaus will include studio, one- and two-bedroom floorplans with floor-to-ceiling windows, oak hardwood floors, gas ranges, stainless steel appliances, wireless thermostats, automated lighting and fiber optic connection. 

Most units have exterior balconies and views of the lake, downtown or both.

Residents will be served by a secure underground parking garage, a resort-style rooftop pool, fitness facilities, a designated creative workspace, lounge with chef-quality kitchen and bar, ground-floor park and bike repair and car wash stations.

Tom McCahill

The community sits between Lake Calhoun and the Midtown Greenway Trail, which connects to approximately 100 miles of biking and walking trails. It is four miles from downtown, one block from the future Lake Calhoun light rail stop and walkable to dozens of restaurants and retailers including Whole Foods, Walgreens, Chipotle, Wakami Sushi and Bistro, Caribou Coffee, Moda Yoga and ShowPlace Icon Theatre.

EverWest launched its structured finance platform in 2013 under the direction of industry veterans Tom McCahill and Joe Chickey, with a focus on originating and managing mezzanine debt, preferred equity financing and B-notes for commercial properties and developments throughout the U.S.

“The LakeHaus investment aligns extremely well with that platform, delivering an in-demand product to an underserved market,” said McCahill. “We are equally confident in the development team and their proven track record in planning, entitling and building premier projects in the apartment sector. 

"We have every confidence that they will make exceptional use of this opportunity.”

Joe Chickey

The Lake Calhoun apartment submarket sits at a  5.7 percent vacancy rate, with rent growth averaging 6.5 percent since 2013 and expected to continue to grow for the foreseeable future. Average household income within one mile of the LakeHaus site is $133,276 and nearby home prices typically range from $1 million to $7 million.

EverWest continues to actively seek new investment opportunities in major markets across the U.S.

For more information on EverWest, visit www.everwest.com. 

For more information on GWL Realty Advisors, visit www.gwlra.com.

 CONTACT:

 Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com