Dougherty Closes Fannie Mae Loan for Twin Cities-Area Community
The mortgage banking firm facilitated a $7.3 million loan to refinance Green Twig Villas, a 62-unit affordable housing property in Oak Park Heights, Minn.
By Laura Calugar
The Minneapolis office of Dougherty Mortgage has secured a $7.3 million Fannie Mae loan for the refinancing of Green Twig Villas, a 62-unit affordable community in Oak Park Heights, Minn. Most recently, Dougherty Mortgage also closed a $1.2 million Fannie Mae supplemental loan for the refinancing of Parkview Apartments, a 216-unit community in the Westland submarket of Columbus, Ohio.
Located at 13865 N. Upper 58th St., Green Twig Villas is within a 25-minute drive of downtown St. Paul, Minn., and in close proximity of several shopping and dining options. The property features a mix of one- and two-bedroom units. Apartments range in size from 770 to 1,353 square feet. Amenities include a community room and heated underground parking.
The asset is set to benefit from a 15-year loan that features a 35-year amortization schedule. The property utilized four percent Low-Income Housing Tax Credits.
Image courtesy of Dougherty Mortgage