Finance N Illinois

Dougherty Mortgage closes $1.3 million Fannie Mae loan for Minooka apartments

Dougherty Mortgage closes 1.3 million Fannie Mae loan for Minooka apartments,ph1

The Oak Brook, Illinois office of Dougherty Mortgage recently closed a $1.3 million Fannie Mae loan for the acquisition of Mondamin Apartments, a 28-unit market rate multifamily apartment property located in Minooka, Illinois.

The property consists of four two-story apartment buildings constructed in two phases. The 407, 409 and 411 buildings were constructed in 1987 and the 405.5 building was constructed in 1989. The property also includes a single-story garage building. The loan was provided as an 80 percent acquisition loan with a 12-year term and 30-year amortization and was arranged for borrower Mondamin, LLC.