2 MN Communities Land $5M Fannie Mae Loan

By Adina Marcut

Bridgeway Apartments

Dougherty Mortgage LLC closed a $5.3 million Fannie Mae M.TEB loan for the acquisition and rehabilitation of two affordable communities: Bridgeway Apartments, a 45-unit community in Robbinsdale, Minn., and Park Acres Apartments & Townhomes, a 41-unit property in New Hope, Minn. Dougherty’s Minneapolis office arranged the 16-year loan with a 30-year amortization schedule for borrower Amorce II Limited Partnership.

Located at 3755 N. Hubbard Ave., close to downtown Minneapolis, Bridgeway is situated minutes from Crystal Lake, Lakeview Terrace Park, Pizza Hut and Almsted’s Fresh Market. Additionally, the Minneapolis-Saint Paul International Airport is approximately 21 miles away. The three-story property offers one- and two-bedroom units. Built in 1978, the pet-friendly community features common area amenities such as:

• fitness center
• grill areas
• picnic area
• laundry facilities
• air conditioning
• storage units
• Wi-Fi

Park Acres Apartments & Townhomes features one-, two- and three-bedroom units ranging in size from 644 to 1,140 square feet. Located at 8007 Bass Lake Road, the property is situated near shopping, bus lines and a short walk to the District 284-Meadow Lake Elementary School. Additionally, the Minneapolis-Saint Paul International Airport is approximately 24 miles away. Residents can enjoy common area amenities such as:

• playground
• laundry facilities
• private laundry in townhomes
• heated underground parking
• storage units
• Wi-Fi

The borrower plans to invest approximately $88,000 per unit for upgrades to the properties, which will include improvements made to the interior and exterior, as well as unit upgrades.

Image via Google Street View