things have been busy at Minnesota-based Dougherty Mortgage. Check out this string of recent press releases:
The Minneapolis office of Dougherty Mortgage LLC closed a $1.2 million Fannie Mae loan for the acquisition financing of Caitlin Station Apartments, a 48-unit multifamily affordable housing property located in Shelby, North Carolina. The 10-year loan features a 30-year amortization schedule and was arranged for borrower IPI Properties 3, LLC.
The Minneapolis and Vienna, Virginia offices of Dougherty Mortgage recently closed a Fannie Mae loan for the acquisition financing of Las Colinas Apartments, a 177-unit market rate multifamily housing property located in Austin, Texas. The 9.75-year loan features a 30-year amortization schedule and was arranged for borrowers 1500 RHD LLC and GV&A 4, LLC.
Dougherty Mortgage LLC, a full service national mortgage banking firm, recently closed a Fannie Mae loan for the acquisition financing of 2300 Taylor, a 216-unit market rate multifamily apartment property located in Sherman, Texas. The 12-year loan, arranged through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Virginia offices, features a 30-year amortization schedule and was arranged for borrower Prasiti 2300 Taylor LLC.
The Minneapolis office of Dougherty Mortgage LLC closed a $9.4 million Fannie Mae loan for the acquisition financing of Mill Creek Place Apartments, a 128-unit multifamily affordable housing property located in Douglasville, Georgia. The pet-friendly property features a community clubhouse, picnic and grill areas, swimming pools, fitness center and business center. The 16-year loan features a 35-year amortization schedule and was arranged for borrower Douglasville Leased Housing Associates I, LLLP.
The Minneapolis office of Dougherty Mortgage LLC recently closed an $8.5 million HUD 221(d)(4) loan for the substantial rehabilitation of Albright Townhomes, an 89-unit multifamily affordable housing property located in Minneapolis, Minnesota. The project was originally constructed in 1977, with renovations occurring in 2000 and 2006, and approximately $67,750 per unit renovations to be completed as part of this transaction. All 89 units are restricted to residents earning 60% or less of the Area Median Income, and all 89 units are also covered by a Section 8 HAP Contract. Dougherty & Company LLC, an affiliate of Dougherty Mortgage, served as the Underwriter of the tax-exempt bonds issued for this project. The loan features a 40-year term and amortization schedule and was arranged for borrower Albright Limited Partnership.
The Minneapolis office of Dougherty Mortgage LLC recently closed a $5.6 million HUD 221(d)(4) loan for the construction of Thomas Avenue Flats, a 51-unit multifamily affordable housing property located in St. Paul, Minnesota. The project is anticipated to open in the spring of 2019. All 51 units are restricted to residents earning 60% or less of the Area Median Income, with an additional seven (7) units designated as HOME units. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of Low Income Housing Tax Credits and funds from the St. Paul Housing & Redevelopment Authority. The loan features a 40-year term and amortization schedule and was arranged for borrower Thomas Avenue Flats, Limited Partnership.
The Minneapolis and Vienna, Virginia offices of Dougherty Mortgage recently closed a Fannie Mae loan for La Costa Apartments, an 88-unit market rate multifamily housing property located in Irving, Texas. The 6.17-year loan features a 30-year amortization schedule and was arranged for borrower Irving La Costa Apartments, L.P.
