Dwight Capital Supplies $31M Refinance for Senior Apartments Near Dallas
By Andrew Coen February 22, 2022 11:35 am
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Dwight Capital has closed on a deal supplying a $30.5 million debt package for the refinance of a luxury senior apartment complex in the Dallas-Fort Worth metropolitan region, Commercial Observer has learned.
The Manhattan-based alternative commercial real estate lender provided the bridge refinance for The Retreat at Grand Prairie, a newly constructed 154-unit complex in Grand Prairie, Texas. Proceeds from the bridge loan will be used to pay off existing construction financing that Dwight provided in 2019 and facilitate the lease-up process.
Josh Sasouness, managing principal at Dwight, originated the transaction through the firm’s commercial mortgage real estate investment trust, Dwight Mortgage Trust.
Located at 2902 S Beltline Road 16 miles west of Dallas, The Retreat at Grand Prairie comprises one, four-story building situated on over 7.7 acres. The property’s amenities include common areas equipped with blue ultra-light vents for air purification, game room, fitness center, library and business center, indoor pool with retractable roof, pet park, putting green, theater and walking trail. A doctor’s office, massage parlor and salon are also located on-site for tenants’ use.
Officials for The Retreat at Grand Prairie did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commerialobserver.com.
