Dougherty Mortgage Closes $54M Construction Loan

The financing will be used for the development of Sundance at Settler’s Ridge, a project in Woodbury, Minn.
Image via Pixabay.com

Dougherty Mortgage has arranged a $53.5 million HUD 221(d)(4) construction loan for Sundance at Settler’s Ridge, a 218-unit community in Woodbury, Minn. The company closed the 40-year term, 40-year amortization loan on behalf of the borrower, SD Woodbury Property LLC. This follows after Dougherty provided a $14.9 million Fannie Mae refinancing package for The Townhomes at Westcreek in San Antonio. 

Located south of Hudson Road and west of Settler’s Ridge Parkway, on approximately 23.2 acres, the 23 two-story buildings will consist of market rate townhomes. Additionally, a clubhouse building totaling 4,300 square feet will be available on site. The clubhouse will include a full kitchen, coffee bar and fitness center. Plans also call for common-area amenities such as a lounge area, fire pit, outdoor kitchen with grilling stations, green space for yard games and community garden. The pet-friendly community will feature a dog run/park area and a dog spa. 

The development was designed to the National Green Building Standard and qualified for HUD’s Green MIP of 0.25 percent.