Finance W Minnesota

Dougherty closes $10 million loan for affordable multifamily in Minnesota

Dougherty closes $10 million loan for affordable property in Minnesota,ph01

The Minneapolis office of Dougherty Mortgage LLC closed a $10.8 million HUD 223(f) loan for the rehabilitation of Maple Pond Homes, a 168-unit multifamily affordable housing property located in Maplewood, Minnesota.

Originally constructed in 1974, the property will undergo moderate rehabilitation of roughly $31,000 per unit using Low Income Housing Tax Credits as part of this financing.

All 168 units are affordable, with 121 units covered under a new 20-Year Project Based Section 8 HAP Contract, and the remaining 47 units being restricted to individuals and families earning up to 60 percent of the Area Median Income.

Dougherty & Company LLC, an affiliate of Dougherty Mortgage, served as the underwriter for the tax-exempt bonds issued for this project. The loan features a 35-year term and amortization and was arranged for Maple Pond MDG Limited Partnership.