Dwight Capital provides $31 million refinance for seniors’ apartments near Dallas – Business Observer

Dwight Capital has reached an agreement providing a $30.5 million debt package for the refinancing of a luxury seniors’ apartment complex in the Dallas-Fort Worth metro area, Commercial Observer has learned.

The Manhattan-based alternative commercial real estate lender provided the bridge refinancing for Grand Prairie Retreat, a newly constructed 154-unit complex in Grand Prairie, Texas. Proceeds from the bridge loan will be used to repay existing construction financing that Dwight provided in 2019 and to facilitate the leasing process.

Josh Sasounessmanaging director of Dwight, initiated the transaction through the company’s commercial mortgage real estate investment trust, Dwight Mortgage Trust.

Located at 2902 S Beltline Road Sixteen miles west of Dallas, The Retreat at Grand Prairie comprises a four-story building set on over 7.7 acres. Property amenities include common areas equipped with blue ultralight vents for air purification, game room, fitness center, library and business center, indoor pool with retractable roof , a pet park, putting green, theater and walking path. A doctor’s office, massage parlor and salon are also located on-site for the use of tenants.

officials for The Grand Prairie Retreat did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commerialobserver.com.