Dougherty Closes on St. Louis Affordable Community

1 min read

The company has arranged a 35-year term loan for the 95-unit community. The property was built as a hotel in 1963, and in 2007 it was converted to a multifamily community.

By Adina Marcut

St. Louis—Dougherty Mortgage LLC secured a $5.2 million loan for the refinancing of the Downtowner Apartments in St. Louis. The 95-unit affordable community’s loan is a HUD 223(f) pursuant to 223(a)(7) refinance with a 35-year term/amortization and was arranged through Dougherty’s Minneapolis office for the borrower, Washington Avenue Apartments LP.

Located at 1133 Washington Ave., the nine-story community features amenities such as free Wi-Fi, free on-site laundry facilities, fitness center and a total of 110 parking spaces. The units offer fully equipped kitchens with modern tools, individually controlled heating and air conditioning. On-site management is also available. Furthermore, the Downtowner Apartments is pet friendly.

According to Yardi Matrix data, the property was initially a hotel, built in 1963, and in 2007 it was converted to a multifamily community. The property is fully affordable and includes 10,000 square feet of retail on the first floor.

Images courtesy of Downtowner Apartments

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.