By Anca Gagiuc, Associate Editor
San Antonio—Dougherty Mortgage LLC announced that it recently closed a $9.3 million Fannie Mae loan for the acquisition financing of Ridge at Southcross, a multifamily community located in San Antonio.
The 12-year term, 30-year amortization, three-year interest loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. office. The borrower, 4700 Stringfellow LLC, acquired the property from Commerce Capital Partners, according to Yardi Matrix records.
Ridge at Southcross is a 17-building community built in 1974 at 4700 Stringfellow St., in San Antonio’s East Side submarket. Residents can choose from the property’s 244 studios, one- and two-bedroom floor plans ranging from 476 square feet to 1,132 square feet. Common area amenities include a clubhouse, swimming pool, three laundry facilities, controlled access and 300 grade-level parking spaces. Unit amenities include private patios/balconies and semi-private entry.
Image courtesy of Yardi Matrix