Dougherty Closes Fannie Mae Loan for 196-Unit TN Property

1 min read

The national mortgage banking firm facilitated an $8.4 million loan for the refinancing of The Hills at Oakwood Apartment Homes in Chattanooga. S&S Property Management owns and manages the community.

By Laura Calugar

The Hills at Oakwood Apartment Homes in Chattanooga, Tenn.
The Hills at Oakwood Apartment Homes in Chattanooga, Tenn.

Dougherty Mortgage closed an $8.4 million Fannie Mae loan for The Hills at Oakwood Apartment Homes, a 196-unit multifamily apartment property in Chattanooga, Tenn. The company’s Nashville, Tenn., office arranged the seven-year loan with a 30-year amortization schedule for borrower Jersey Pike LLC. According to Yardi Matrix data, Nashville-based S&S Property Management owns and manages the asset.

Located at 4827 Jersey Pike, the 16-building property provides easy access to Interstate 75 and highways 58 and 153. The Chattanooga Airport is within a 10-minute drive. The Hills at Oakwood features 45 one-, 132 two- and 19 three-bedroom units, ranging in size from 640 to 1,240 square feet.

Amenities include:

  • fitness center
  • tennis court
  • playground
  • swimming pool
  • 312 parking spaces
  • laundry facilities

Earlier this week, Dougherty Mortgage also closed a $34.1 million HUD loan for the construction of 1500 Nicollet, a 183-unit affordable housing development in Minneapolis.

Image courtesy of Yardi Matrix

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