MINNEAPOLIS, Minn. – May 25, 2018 – The Minneapolis office of Dougherty Mortgage LLC recently closed a $16.1 million HUD 221(d)(4) loan for the new construction of Eastgate Apartments, a 135-unit multifamily affordable housing property located in Rochester, Minnesota. Eastgate Apartments is anticipated to open in the summer of 2019 with all 135 units restricted to residents earning 60% or less of the Area Median Income, with an additional 27 units restricted to Fair Market Rents. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of Low Income Housing Tax Credits. The project also involved tax-exempt bonds, which were underwritten by Dougherty Mortgage affiliate Dougherty & Company. The loan features a 40-year term and amortization schedule and was arranged for borrower BDKN LLLP.
