Finance W Minnesota

Dougherty closes $34 million loan for Minneapolis apartment development

Dougherty closes $34 million loan for Minneapolis apartment development,ph01

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 in Minneapolis.

The project will consist of one six-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, two two-bedroom + den penthouse units and six 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 percent. The 40-year term, 40-year amortization loan was arranged for borrower BC East, LLC.