Brickstone Partners Inc. and KMK Capital LLC Break Ground on LakeHaus Building

Located near Lake Calhoun, apartment community will be among most
luxurious in Minneapolis

MINNEAPOLIS–(BUSINESS WIRE)–Brickstone Partners Inc. and KMK Capital LLC, today announced the
groundbreaking of LakeHaus, a 200-unit, 300,000-square foot building
that will be among the most luxurious apartment communities in
Minneapolis. With sweeping views of Lake Calhoun and downtown, the
project features floor-to-ceiling windows, a state-of-the art fitness
center, hot tub, saunas, and a large amenity/sun deck and rooftop pool.

“We are very excited to see this legacy project come to life,” said Dan
Otis, principal at Brickstone Partners. “Our vision for LakeHaus began
in 2015 and it took three years to secure entitlements and put in place
all of the other necessary details to make LakeHaus a success. The
location is unrivaled and provided the catalyst to build arguably the
most luxurious apartment community in the Twin Cities.”

Brickstone Partners is a seasoned, full-service real estate investment
and development firm with roots in Minnesota and Colorado. Founded in
2001, Brickstone focuses on providing high-end luxury housing in legacy
locations. LakeHaus will be a best-in-class, eight-story post-tensioned
concrete apartment building, constructed on a 1.7-acre site at 3100 West
Lake Street and featuring two levels of subterranean parking totaling
373 spaces. The development site is optimally situated on Lake Calhoun’s
northwest shore and is near Calhoun Commons, a Whole Foods Market
anchored shopping center.

Additionally, LakeHaus will be within walking distance to a future light
rail stop and is less than five miles from downtown. The building’s unit
mix is comprised of 36 studio, 85 one-bedroom and 74 two-bedroom units,
as well as five penthouses. In addition to luxury finishes in each of
the homes, the community also will include spacious courtyards, gourmet
grilling stations, an outdoor maze, top-floor clubroom, lobby with
coffee bistro, guest suite and a car share service along with a communal
sailboat for use on the lake. Set for completion in 2020, the property
will provide sweeping views of Lake Calhoun, downtown and the
surrounding area.

The project is being led by Daniel Otis of Brickstone Partners and in
partnership with KMK Capital’s Mike Kennedy. The organization purchased
the site more than three years ago and have navigated a challenging
process to redevelop the 1950’s office building that currently stands.

Denver-based HFF’s Kristian Lichtenfels and Josh Simon led the financing
effort and provided an attractive loan facility from multiple National
Lenders. The joint venture also kicked off a new formal equity
relationship between Deutsche Finance America (DFA) and Brickstone
Partners. Based in Denver, Jason Lucas has recently taken the helm of
DFA as their managing partner for North America.

Said Otis, “Our hope that this building contributes substantially to the
fabric of the community and also the architectural heritage of
Minneapolis. Furthermore, I am very excited to kick off a new formal
relationship with Deutsche Finance America and Jason Lucas, a long-time
colleague and friend.”

LakeHaus is anticipated to be valued at more than $119 million when
complete and will be the premier apartment community in the Twin Cities.

About KMK Capital Inc.
Michael G. Kennedy is the Manager of
KMK Capital LLC, a Denver-based real estate investment and development
firm specializing in residential and multi-family real estate. Over the
last eight years, Kennedy has participated in more than 100 real estate
transactions resulting in year-over-year double-digit returns. Kennedy
moved to Denver in 1998 and is a former partner of Gallagher
Enterprises, a local private equity firm, where he focused on real
estate in support of Gallagher’s many operating companies. He was also
the key developer of the Grand River Ranch, a 19,000-acre shared-ranch
community in Kremmling, Colorado.

About Brickstone Partners
Brickstone Partners, Inc. is a
full-service real estate investment and development firm with offices in
Denver and Minneapolis. Founded in 2001, Brickstone has been involved in
more than 2.1 million square feet of office, retail and multi-family
investment and development. Most recently, Brickstone has been focused
on developing high-end multi-family housing in legacy locations in
highly desirable neighborhoods. The Company is also co-sponsor of the
Google Regional Headquarters in Boulder, Colorado. While Brickstone
delivers strong returns to its investors, it is equally committed to
adding long-lasting value to the communities and neighborhoods it serves.

Contacts

Dan Otis
Principal at Brickstone Partners
danotis@brickstonepartners.com

Matt Sullivan
Padilla for Brickstone Partners
612.455.1709
matt.sullivan@padillaco.com