Dougherty Closes $9M Loan for Tallahassee Sale
The company closed a 12-year Fannie Mae financing for the acquisition of a 152-unit market-rate property located within 10 minutes of downtown.
By Tudor Scolca
Dougherty Mortgage, on behalf of Rolling Hills Investors LLC, secured an $8.8 million Fannie Mae loan for the acquisition of the 152-unit Rolling Hills Apartments in Tallahassee, Fla. The 12-year loan was closed through Fannie Mae’s Green Rewards program, which provides free energy and water audit reports, among other green property improvements. Dougherty’s Illinois office arranged a schedule of five years of interest-only payments, followed by a 30-year amortization period.
The market-rate community is located at 280 John Knox Road, providing easy access to shopping, dining and recreational facilities such as The Centre of Tallahassee shopping mall or the Trousdell Aquatics and Gymnastic centers. The property is located within a 10-minute ride of central Tallahassee and of Florida State University.
In-unit amenities at Rolling Hills include washers and dryers, microwave ovens and individual air conditioning. The common area features a fitness center, swimming pool, three laundry facilities, as well as a total of 218 parking spaces.
Image courtesy of Dougherty Mortgage LLC