Finance W Minnesota

Dougherty closes $13 million refinance for seniors facility in Minnesota

Dougherty closes $13 million refinance loan for seniors center,ph01

Dougherty Mortgage LLC recently closed a $13.7 million Fannie Mae loan for the refinance of The Rosemount Senior Living at Steeple Center, a 92-unit market rate senior housing property in Rosemount, Minnesota.

The Rosemount offers a variety of living options including independent and assisted living, care suites and memory care. Residents have access to a range of amenities including a fitness room, beauty salon, lounge area, outdoor spaces including a memory care garden, a children’s play area, multipurpose event room and onsite library.

The 12-year loan, with 30-year amortization schedule, utilized the Fannie Mae Market Rate Senior Housing Program and was arranged through Dougherty’s Minneapolis office for borrower Rosemount Senior Living Associates I LLC.