Dougherty Mortgage secured a $1.6 million Fannie Mae supplemental loan for Hillside East Apartments located in New Brighton, Minn. The credit facility for the 108-unit community has a 7.17-year term and a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan on behalf of the borrower, Old Highway Eight LLC.
Located at 371 Old Highway 8 SW, Hillside East’s one-half and two-story buildings feature one-, two- and three-bedroom units averaging 900 square feet. Community amenities include two swimming pools, playground, volleyball court, 12 laundry facilities and a total of 260 parking spaces. The property is also pet friendly and was 99.1 percent occupied as of March.
Hillside East offers convenient access to shopping centers, award-winning schools, local museums and parks. According to Yardi Matrix data, in 2014, Sidal Realty sold the property to Steven-Scott Management for $7.5 million. The sale was subject to a $5.9 million Fannie Mae loan also originated by Dougherty Mortgage.
Dougherty Mortgage continues to expand its Minnesota portfolio, after it recently provided a $13.6 million loan for the acquisition of Prairie Meadows Townhomes in Eden Prairie, Minn.
Image courtesy of Yardi Matrix