Timberland closes financing on $68 million rental housing project.

Byline: Matt M. Johnson

Bloomington-based Timberland Partners has closed on a 22-acre project site and financing to start construction of the Sundance at Settlers Ridge an apartment community in Woodbury, according to a press release from the company. A certificate of real estate value for the land purchase was not available as of Wednesday afternoon.

The $68 million, 218-unit project was designed by Kaas Wilson Architects and will be built by Frana Cos., both based in Minneapolis. The project started its approvals process with the city in August.

Dougherty Mortgage LLC arranged a $53.5 million HUD-insured 221(d)(4) loan to finance the project.

Sundance at Settlers Ridge is a townhome-style apartment community. Construction will be completed in phases, with the first building and clubhouse opening in late August 2020, and...