Dougherty Closes Cleveland Portfolio Loan

By Laura Calugar

Following a $32 million loan Dougherty Mortgage closed for a St. Paul affordable community, the national mortgage banking firm secured a $6.1 million Fannie Mae loan for the refinancing of six market-rate multifamily properties in Cleveland. The 10-year loan has a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the financing for borrower Central Real Estate Holding LLC. The portfolio consists of a total of 238 units.

• Edgeway Apartments—Located at 1374 W. Blvd., the building is a 1920-built, four-story, 42-unit community in western Cleveland.
• Lakeshore Apartments—Located at 14300 Lake Shore Drive, the three-story property was built in 1925 and features 34 units.
• Eastlake Apartments—Located 392 E. 147 St., the 1925-built community features 22 units in a three-story property.
• Euclid Emerald Apartments—The asset is situated at 13416 Euclid Ave. and features 81 units. Built in 1963, the three-story building is within a 35-minute drive to Cleveland Hopkins International Airport.
• Superior Club Apartments—Located at 13540 Superior Road, the property is a 42-unit community, built in 1963.
• Super Luxor Apartments—The two-story building is located at 13984 Superior Road and includes 34 units, built in 1955.

Images via Google Street View