Dougherty Mortgage Closes $3M Loan for Texas Community

The 84-unit community features 3,460 square feet of retail space and is partially affordable.

Balcones Lofts

Balcones Lofts

Balcones Heights, Texas—Dougherty Mortgage LLC has closed a $3.3 million Fannie Mae loan for the refinancing of Balcones Lofts, a 84-unit affordable housing property located in Balcones Heights, Texas. The Fannie Mae 15-year term, 30-year amortization loan was arranged through Dougherty’s Minneapolis office for borrower Balcones Lofts Ltd.

Located at 3230 Hillcrest Drive, near the heart of San Antonio, the property offers one-, two- and three-bedroom units with fully equipped kitchens, contemporary design and full-sized washer and dryer connections. Common area amenities include a swimming pool, 24-hour fitness center, community room, a business center with internet and on-site laundry facilities. The community is also pet-friendly.

According to Yardi Matrix data, the community also features 3,460 square feet of retail space and offers 50 affordable units. The property is subject to a 50-year unsubordinated net ground lease held by The City of Balcones Heights.

Dougherty Mortgage LLC is keeping its hands full, recently closing another HUD loan for a 150-unit market-rate community in Minneapolis.

Image courtesy of Yardi Matrix

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