By Laura Calugar
National mortgage banking firm Dougherty Mortgage closed a $1.2 million Fannie Mae loan for the acquisition financing of Barden Ridge Apartments, a 48-unit affordable housing property in Roxboro, N.C. The 10-year term loan has a 30-year amortization schedule and was arranged through a partnership with Berkeley Point Capital for borrower IPI Properties 11 LLC.
Located at 12 Barden Place, the community is near a small retail center and within a 40-minute drive from central Durham, N.C. Amenities include a community center with activities, a business center, a fitness room, a playground, a laundry care facility, 24-hour emergency maintenance and on-site management.
Recently, Dougherty Mortgage secured a $6.1 million Fannie Mae loan for the refinancing of six market-rate multifamily properties in Cleveland.
Image courtesy of Dougherty Mortgage