Dougherty Secures $24M Refi for New AR Community
The mortgage banking firm facilitated the Fannie Mae loan for Bowman Pointe Phase I, a 217-unit property in Little Rock, Ark.
By Laura Calugar
Dougherty Mortgage has closed a $23.9 million Fannie Mae loan for the refinancing of Bowman Pointe Phase I, a 217-unit apartment property in Little Rock, Ark. The company arranged the 10-year loan with a 30-year amortization schedule for borrower Bowman Pointe LLC. According to data provider Yardi Matrix, Richardson Properties owns and manages the asset.
Located at 3321 South Bowman Road in West Little Rock, the community is near downtown shopping, dining and entertainment venues. Interstate 430 is in close proximity to the community. The recently built property features seven studios and 94 one- and 116 two-bedroom units, ranging in size from 385 to 1,115 square feet. The three-story, four-building property features private balconies or patios in select units. Amenities include:
- fitness center
- business center
- swimming pool
- 404 parking spaces
- pet park
Bowman Pointe Phases II and III are currently under construction and will comprise 311 units. Completion is slated for mid-2018.
Most recently, Dougherty Mortgage arranged a $10.8 million for the refinancing for Chroma Apartments, a 70-unit luxury community in Minneapolis.
Image via Google Street View