By Laura Calugar
Dougherty Mortgage, a national mortgage banking firm, closed a $16.5 million HUD 223(f) loan for the acquisition and rehabilitation of Landon Pointe Apartments, a 276-unit affordable housing property in Orlando, Fla. The transaction involved the issuance of tax-exempt bonds and new four percent LIHTC by Florida Housing Finance Corp. Dougherty Mortgage affiliate Dougherty & Co. LLC served as the bond underwriter. The 35-year loan was arranged through Dougherty’s Minneapolis office for borrower Orlando Leased Housing Associates VII LLP.
Located at 1705 Grande Pointe Blvd., minutes from Interstate 4, Landon Pointe provides easy access to the airport, Sea World, Universal Studios and Disney. According to Yardi Matrix data, the 2001-built community includes 72 one-, 156 two- and 48 three-bedroom units, ranging in size from 692 to 1,115 square feet. Apartments feature air conditioning, high-speed internet, fully equipped kitchens, washers, dryers and walk-in closets. Community amenities include:
- tennis court
- swimming pool
- fitness center
- 500 parking spaces
As a result of the transaction, all units of the 25-building property will continue to be rent- and income-restricted to individuals and families earning 60 percent or less of the area median income for a 15-year compliance period and a 15-year extended use period.
Image courtesy of Yardi Matrix