By Anca Gagiuc, Associate Editor
Austin, Texas—Dougherty Mortgage LLC of Minneapolis has closed a $9.5 million HUD 223(f) PILOT Program loan for the acquisition and extensive rehabilitation of The Timbers, an affordable housing property located in Austin, Texas.
The mortgage banking firm arranged the 35-year term HUD 223 (f) PILOT Program loan for the borrower, Timbers Clayton 104 Apartments LP through its Austin office. The financing also utilized tax credits and bonds.
The Timbers is a 104-unit multifamily complex built in 1998. Residents can choose from the community’s mix of one- to four-bedroom floorplans. The property is located at 1034 Clayton Lane, just off I-35 and less than 19 miles from the Austin-Bergstrom International Airport. In close proximity are Capital Plaza and Mueller Shopping Center, with plenty of shopping and restaurant options. Community amenities include a swimming pool, playground, on-site management and maintenance, clubhouse, courtyard, self-service laundry and parking. Unit amenities include storage units, pantry, patio, walk-in closets and balconies.
Image courtesy of Google Maps