Dougherty Mortgage LLC, a full service national mortgage banking firm, recently closed a $13.6 million HUD 223(f) loan to be used for the acquisition of Prairie Meadows Townhomes, a 168-unit townhouse property located in Eden Prairie, Minnesota. The Sponsor of the project is Community Housing Development Corporation, a non-profit developer and owner of multifamily properties. The project was originally constructed in 1977, with renovations occurring in 1993, 2004, and 2010, with approximately $28,500 per unit renovations to be completed as part of this transaction. All 168 units are restricted to residents earning 60% or less of the Area Median Income, and all 168 units are also covered by a Section 8 HAP Contract. The HUD 223(f) loan has a 35-year term and amortization schedule and was arranged through Dougherty’s Minneapolis office for Prairie Meadows Limited Partnership, a Minnesota limited partnership.
