Dougherty Mortgage recently closed a $20.9 million HUD 221(d)(4) loan for the new construction of DARTS Senior Apartments, a 172-unit affordable seniors apartment property located in West St. Paul, Minnesota. DARTS Senior Apartments is anticipated to open in the summer of 2020. All 172 units will be restricted to residents aged 62+ earning 60% or less of the Area Median Income, with an additional 35 units restricted to 50% of the Area Median Income or 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 and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement (HOPE) Program. The project also involved Tax-Exempt Bonds, which were underwritten by Dougherty & Company LLC, an affiliate of Dougherty Mortgage LLC. The 40-year term, 40-year amortization loan was arranged for borrower WSP Senior Housing I, LLLP.
