Lakeville, Minnesota – March 25, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale and financing of The Pillars of Lakeville, a full acuity trophy senior living asset in the southern Minneapolis suburbs. 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.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for active adult, independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending, and Capital Markets Advisory Services.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
About Harrison Street Asset Management
Harrison Street Asset Management is a leading global alternative investment management firm with over $108 billion in assets under management through highly differentiated assets across real estate, infrastructure, and credit strategies. Headquartered in Chicago, Toronto and London with over 600 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of 1,100+ institutional and over 300+ Registered Investment Advisors.1
1 HSAM data and descriptions of HSAM’s business are generally comprised of the aggregated data and business activities of investment advisors that are owned in whole or in part by HSAM. Assets under management (“AUM”) reflects the AUM for the investment advisory and asset management clients of such investment advisors and is inclusive of the regulatory AUM of such investment advisors that is reported in their respective Form ADVs.
About Oppidan Development Company:
Since 1991, Oppidan Investment Company has grown into a nationally recognized real estate development company, successfully developing more than 615 projects valued in excess of $6.4 billion and spanning 32.7 million square feet throughout 43 states and parts of Canada. Oppidan provides development, construction management, property management, asset management, and capital markets services to the senior living, industrial, data center, mixed-use, multi-family, affordable, and retail markets. Headquartered in Excelsior, MN, with regional offices in Raleigh, NC, and San Jose, CA, Oppidan’s client list includes Duluth Trading Company, Northern Tool, Cub Foods, Target, Sprouts, Ebenezer Management Services, Watermark Retirement Communities, General Electric, Caliber Collision, Rockpoint, HSRE, Kayne Anderson, IPI, and Bailard. Oppidan has also been named a Best Places to Work by Minneapolis/St. Paul Business Journal 4 times. To learn more about Oppidan, visit www.oppidan.com.
###
© 2026 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
In Minnesota Berkadia Real Estate Advisors LLC conducts business under Pete Evans’ Minnesota Real Estate Broker Lic. #40475251. Mike Garbers holds Florida license #BK3300367, Cody Tremper holds Texas license #622302, Dave Fasano holds Texas license #737206, and Ross Sanders holds Missouri license #2007038807.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
In California, Berkadia Commercial Mortgage LLC makes or arranges loans pursuant to a California Financing Law license. Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/licensing.
###
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
