Dougherty Arranges $14M Refi for MN Senior Community
Rosemount Senior Living at Steeple Center is located within a 35-minute drive south of downtown Minneapolis and comprises 92 independent, assisted living and memory care units.
By Beata Lorincz
Dougherty Mortgage has provided a $13.7 million loan for the refinancing of the 92-unit Rosemount Senior Living at Steeple Center, a property located on the southern outskirts of Minneapolis. The company secured the 12-year loan with a 30-year amortization schedule through Fannie Mae Market-Rate Senior Housing Program, on behalf of the borrower.
The property is situated at 14344 Cameo Ave., in the heart of Rosemount, Minn., within a 35-minute drive of downtown Minneapolis. The Minneapolis-Saint Paul International Airport is roughly 15 miles away. Located next to City On a Hill Church and Robert Trail Library, the property is surrounded by several large parks, such as Carroll’s Woods, Schwarz Pond Park and Erickson Park. The market-rate senior housing community provides independent, assisted living and memory care options. Common-area amenities at Rosemount include:
- a library
- fitness room
- beauty salon
- lounge area
- memory care garden
- children’s play area
- multipurpose event room
Last November, Dougherty Mortgage closed a $34.1 million HUD loan for the construction of another Minneapolis multifamily development, comprising 183 affordable housing units.
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