Dougherty Arranges Loan for 136-Unit Buy
Dougherty Mortgage closed an $8 million loan for the acquisition of a 136-unit community in Balch Springs, Texas. The national mortgage banking firm represented the borrower.
By Razvan Cimpean
Ambassador Apartment Homes in Balch Springs, Texas
Dougherty Mortgage secured an $8 million Fannie Mae loan for the acquisition of Ambassador Apartment Homes, a 136-unit community in Balch Springs, Texas. Dougherty represented the borrower, a partnership between CAKI Real Estate, Florescence, Fordgang Properties and Frisco Bulldog Properties.Â
The company arranged the 12-year loan through a partnership between its Minneapolis and Vienna, Va., offices and Old Capital Lending. The financing has a 30-year amortization schedule.
Proximity to schools
Located at 4400 Ambassador Way, the property features one-, two- and three-bedroom apartments, ranging from 606 to 1,011 square feet. Common amenities include a playground, swimming pool, multiple laundry facilities and 200 parking spaces. The 10-building asset sits one and a half miles from Interstate 635 and offers convenient access to multiple schools, including Richard Lagow Elementary School, A+ Academy Secondary School and A.C. New Middle School.
Earlier this month, the national mortgage banking firm also secured the acquisition loan for Woodside Lane Apartments, a 107-unit Dallas market-rate community.
Image courtesy of Yardi Matrix
