Dougherty Secures $13M Fannie Mae Loan for GA Asset
The financing will be used for the acquisition and rehabilitation of Riverstock Apartments, a 172-unit affordable housing property in Woodstock.
By Laura Calugar
The Riverstock Apartments in Woodstock, Ga.
Dougherty Mortgage LLC, a national mortgage banking firm, closed a $12.7 million Fannie Mae loan for the acquisition and rehabilitation of Riverstock Apartments. The property features 172 affordable units in Woodstock, Ga. Dougherty used Fannie Mae’s new M.Teb program to finance Riverstock Apartments. The 16-year loan has a 35-year amortization. Dougherty’s Minneapolis office arranged the financing for borrower Woodstock Leased Housing Associates I LLLP.Â
Located at 50 Sandy Circle, the 2001-built asset is less than four miles from Interstate 575 and in close proximity to Woodstock Commons Shopping Center and several other retail and dining options. According to Yardi Matrix data, Riverstock Apartments features a fitness center, a basketball court, a playground, a swimming pool and 345 parking spaces. The property includes 100 two- and 72 three-bedroom units.
In January 2017, Dominium, a Minneapolis-based developer and manager, purchased the eight-building property. Â Â
Image via Google Earth
