Dwight Capital Finances $30.5 MM Bridge Loan for The Retreat at Grand Prairie
Dwight Capital provided a $30.5 MM bridge refinance for The Retreat at Grand Prairie, a newly constructed, 154-unit luxury senior apartment complex located in Grand Prairie, Texas. The property is comprised of one, four-story building situated on over 7.7 acres. The Retreat at Grand Prairie was thoughtfully designed to accommodate seniors by offering them a pleasant and comfortable environment, including spacious corridors and units, and common areas equipped with blue UV light vents for air purification. The community features high-end amenities, including a game room, fitness center, library/business center, indoor pool with a retractable roof, pet park, putting green, theater, and walking trail. There is also a doctor’s office, massage parlor, and salon located on site for tenants’ use.
Proceeds from the bridge loan will be used to pay off an existing construction loan, which Dwight provided in 2019, and facilitate the lease up process. Managing Principal, Josh Sasouness, originated this transaction through the firm’s commercial mortgage REIT, Dwight Mortgage Trust.