REBusinessOnline

Dougherty Mortgage Provides $53.5M Construction Loan for Townhome Project in Woodbury, Minnesota

Sundance at Settler’s Ridge will comprise 218 units within 23 buildings.

WOODBURY, MINN. — Dougherty Mortgage LLC has provided a $53.5 million HUD 221(d)(4) loan for the construction of Sundance at Settler’s Ridge, a 218-unit rental townhome project in Woodbury. Situated on a 23.2-acre site, the project will encompass 23 two-story buildings. Plans also call for a 4,300-square-foot clubhouse with a kitchen, coffee bar and fitness center. Additional amenities will include a pool, fire pit, dog park, dog spa and community garden. Dougherty originated the 40-year loan on behalf of the borrower, SD Woodbury Property LLC. A timeline for completion was not disclosed.

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