Finance W Minnesota

Dougherty closes $42 million loan for Minnesota multifamily project

Dougherty closes $42 million loan for Minnesota multifamily project,ph01

Dougherty Mortgage recently closed at $42.3 million HUD 221(d)(4) loan for the acquisition and new construction financing of Parker Station Flats in Robbinsdale, Minnesota.

The project involves the construction of a 198-unit multifamily apartment property with all units rented at market-rate levels.

In addition to the HUD First Mortgage, the project will receive Tax Increment Financing from the Robbinsdale Economic Development Authority. The 40-year term, 40-year amortization loan was arranged for borrower Parker Station Flats, LLC.