MINNEAPOLIS, MN - Dougherty Mortgage LLC, a full service national mortgage banking firm, has arranged an $11.7 million HUD 223(f) loan for the refinance of Cedar Villas Townhomes, a 104-unit mixed income townhouse property located in Eagan, Minnesota. Constructed in 2004, the property consists of 18 residential buildings with 60 two-bedroom units and 44 three-bedroom units.
The project-based Section 8 HAP Contract restricts 20% of the units at 50% of the area median income. Townhomes have attached garages and feature a washer and dryer, fireplace, patio or balcony, vaulted ceilings, dishwasher, disposal, walk-in closets and extra storage. The community of Cedar Villas has an outdoor pool, playground, community room, fitness center and is pet friendly.
The 35-year term, 35-year amortization loan was arranged by Dougherty’s Minneapolis office for Cedar Villas Limited Partnership.
Dougherty Mortgage LLC is a full service mortgage banking firm, an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types.
In addition, Dougherty Mortgage LLC provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, currently servicing in excess of $3 billion of loans. Based in Minneapolis, Dougherty Mortgage also has additional offices in California, Colorado, Maryland and Texas.
For more information, please visit www.doughertymarkets.com