Dougherty Mortgage has arranged a $14.6 million Fannie Mae loan for the acquisition of Running Brook, a 232-unit community in Arlington, Texas. The company worked on behalf of the borrower and secured the 12-year loan with a 30-year amortization period through a partnership with Old Capital Lending.
Located at 1519 Running Brook Drive on approximately 10.3 acres, the 18-building property provides a mix of studios, one-, two- and three-bedroom units ranging in size from 414 to 1,150 square feet. According to Yardi Matrix data, Running Brook had an average rental rate of $932 as of June. Built in 1983, the apartments feature in-unit amenities such as hardwood floors, walk-in closets, dishwashers, storage space, washers/dryers and air conditioning. Common-area amenities include:
- swimming pool
- dog park
- outdoor grill
- business center
- fitness center
In another recent deal, Dougherty secured a $4.8 million acquisition and rehabilitation loan for a 48-unit affordable community in Coon Rapids, Minn.
Image courtesy of Yardi Matrix