Dougherty Mortgage Secures Refi for Arizona Community
The company has arranged a $2.7 million loan for the affordable apartment community located in the Tucson-area municipality of Green Valley, Ariz.
Tucson, Ariz.—Dougherty Mortgage LLC, a full service national mortgage banking company, has closed a $2.7 million Fannie Mae refinance loan for The Sahuarita Mission Apartments, an affordable housing community in Green Valley, Ariz.
Located at 1091 West Beta St., the 52-unit property is owned and managed by Tucson-based Dominium, according to Yardi Matrix. The three-story building features two- and three-bedroom units with expansive patios and balconies, extra storage space, generous walk-in closets, ceiling fans and large living and dining rooms, as well as 150 parking stalls.
Dougherty’s Minneapolis office arranged the 10-year loan with 30-year amortization, on behalf of the borrower, Sahuarita Leased Housing Associates I LP. According to Yardi Matrix data, the property is also subject to a $2 million acquisition and development loan through Bridgewater Bank, with maturity date in 2023. Dougherty Mortgage also provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer with $4.4 billion of loans currently servicing in excess.
Image via Google Maps, user: Sahuarita Mission Apartments