Dougherty Mortgage recently closed a $34.2 million HUD 221(d)(4) loan for the new construction of Bassett Creek Apartments, a 139-unit market rate multifamily apartment property located in Minneapolis, Minnesota. The project will consist of one 6-story apartment building with an underground parking garage, as well as 3,670 square feet of retail space on the main level. The project’s unit mix will include 39 studio units, 25 alcove units, 54 one-bedroom units, 13 two-bedroom units, 2 two-bedroom + den penthouse units, and 6 three-bedroom penthouse units. The Project will be constructed to LEED-H Midrise Standards, which qualifies it for the reduced MIP rate of 0.25%. The 40-year term, 40-year amortization loan was arranged for borrower BC East, LLC.
