Dougherty Secured Loan for New Brighton Community

1 min read

The company closed a $1.6 million Fannie Mae loan for a two-building multifamily property in New Brighton, Minn. The community was 99.1 percent occupied as of March.

Hillside East Apartments
Hillside East Apartments

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

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.