Dougherty Closes $15M Fannie Mae Loan for TX Property

1 min read

Through a partnership with Old Capital Lending, the company arranged the 12-year loan for the acquisition of a 232-unit community in the Dallas area.

Running Brook
Running Brook

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:

  • sundeck
  • swimming pool
  • playground
  • dog park
  • outdoor grill
  • business center
  • fitness center
  • pergola

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

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.