Dwight Capital Closes $22M HUD Loan for Minnesota Senior Community
By Andrew Coen April 12, 2021 10:55 am
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Manhattan-based Dwight Capital has supplied more than $22 million of U.S. Department of Housing and Urban Development (HUD)-backed financing for the refinance of a multifamily asset in suburban Minneapolis, Commercial Observer has learned.
The lender provided the HUD 223(a)7 loan to Gramercy Park Cooperative at Lake Shore Drive, a 157-unit senior living community in Richfield, Minn. Dwight Capital Managing Principal Josh Sasouness originated the transaction.
Located at 6711 Lake Shore Drive South, about 10 miles outside of Minneapolis, Gramercy Park, built in 2000, features a 12-story residential building on 1.7 acres. Its amenities include a library, a fitness room, a hair salon, a community room, a grocery store, and individual storage space and exterior gardens. The property is also adjacent to Wood Lake Nature Center, a 150-acre park with three miles of trails, boardwalks and a wildlife observation shelter.
Gramercy Park declined to comment on the loan.
