Dougherty Secures $15M HUD Loan for Ohio Community
Olive Branch Townhomes, a 176-unit affordable housing property in Batavia, Ohio, will benefit from the refinancing. Dominium Development & Acquisition is the sponsor of the project.
Dougherty Mortgage LLC has closed a $15.3 million HUD 223(f) loan for the refinance of Olive Branch Townhomes in Batavia, Clermont County, Ohio. The 1996-built community offers 176 affordable housing units, owned and managed by Dominium since 2015. The loan has a 35-year term and amortization schedule and was arranged for borrower Batavia Leased Housing Associates I LLLP. The sponsor of the project is Dominium Development & Acquisition.
Located at 100 Stonelick Woods Drive, the fully affordable property is less than 2 miles from the Clermont County Airport. Amenities of the 31-building asset include a fitness center, a clubhouse, a swimming pool, two playgrounds and 400 parking spaces. All 176 units are restricted to residents earning 55 percent or less of the area median income.
Recently, Dougherty Mortgage closed a $13.6 million loan for the acquisition of Prairie Meadows Townhomes, a 168-unit community in Eden Prairie, Minn. Earlier this year, the mortgage banking firm also closed a $28.6 million HUD loan for the refinance of The Grain Belt, a 150-unit market-rate multifamily community in Northeast Minneapolis.
Images courtesy of Olive Branch Townhomes website