Dougherty Mortgage LLC has secured an $8.5 million HUD 221(d)(4) loan for the rehabilitation of Albright Townhomes, an 89-unit affordable community in Minneapolis, after arranging a 12-year Fannie Mae loan for a Texas property. The 40-year term and amortization schedule loan was arranged for borrower Albright LP. Dougherty & Co. LLC—a Dougherty Mortgage affiliate, served as the underwriter of the tax-exempt bonds issued for the project.
Located at 3051 S. Pillsbury Ave., the fully affordable property is close to various dining, shopping and entertainment venues including Office Depot, Walgreens, Karmel Mall, Taco Bell and McDonald’s. Additionally, the Minneapolis—St. Paul International Airport is approximately 14 miles away.
Built in 1977, then renovated in 2000 and 2006, the five one- and two-story buildings offer one- and two-bedroom units averaging 932 square feet. Common-area amenities include:
- laundry facilities
- 90 parking spaces
All 89 units are restricted to residents earning 60 percent or less of the area median income. Under the terms of the transaction, approximately $67,750 will be used for the renovation of each unit.
Image courtesy of Yardi Matrix