Dougherty Mortgage said today its Minneapolis office has recently closed on nearly $120 million in loans to refinance four properties in the Twin Cities, ranging from apartment complexes to an assisted living facility. Minneapolis-based Dominium Development and Acquisition.
The biggest loan of $37 million went to refinance 808 Berry Place, a 267-unit mixed-income multifamily property in St. Paul. The 35-year term loan was arranged for St. Paul Leased Housing Associates I LP using a program through the U.S. Department of Housing and Urban Development (HUD). Minneapolis-based Dominium Development and Acquisition owns the property.
A $34 million loan closed on The Landings at Silver Lake Village, a 263-unit mixed-income apartment property in St. Anthony. The 35-year loan was arranged for the St. Anthony Leased Housing Associates I LP, also through the HUD program, which facilitates the purchase or refinancing of existing multifamily rental housing. The affordable housing restrictions on this property require 20 percent of the units be set aside for tenants earning less than 50 percent of the Area Median Income (AMI) level. Dominium owns the property.
Dougherty also closed on a $27.6 million 35-year loan to refinance The Bluffs at Nine Mile Creek, a 188-unit mixed-rate multifamily property in Eden Prairie. This was arranged for Eden Prairie Leased Housing Associates I LP using the HUD program, as well. Dominium owns the property.
The last loan closed at $21.35 million for The Colony at Eden Prairie, a 164-unit assisted living facility. This 40-year loan was arranced for SE Rolling Hills LLC, the owner of the property. The borrower used a HUD refinancing program to secure a lower interest rate on a new loan.
Janet Moore covers commercial real estate for the Star Tribune.