Dwight Capital Closes $22M HUD Loan for Minnesota Senior Community

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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.

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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.