By Razvan Cimpean
Dougherty Mortgage closed a $4 million loan for the acquisition of Spanish Chase, a 77-unit community in Irving, Texas. The mortgage banking firm arranged the 12-year Fannie Mae loan through a partnership between its Minneapolis and Vienna, Va., offices and Old Capital Lending. The financing has a 30-year amortization schedule. Dougherty represented the borrower, Spanish Chase LLC.
Located at 3200 W. Pioneer Drive, the multifamily property features studios, one-, two- and three-bedroom units ranging from 484 to 1,186 square feet. Community amenities include laundry facilities and more than 100 parking spaces. According to Yardi Matrix data, the property last traded in 2012, when Elmstone Group acquired the asset from Exponential Property Group for $3.1 million.
Spanish Chase offers convenient access to Plymouth Park Shopping Center, Irving Mall and Irving Towne Center. The community is also situated within walking distance of multiple schools, including Barton Elementary School, Lady Bird Johnson Middle School and New Middle School.
Earlier this year, Dougherty also secured the acquisition loan for Ambassador Apartment Homes, a 136-unit Balch Springs community.
Image via Google Street View