Dougherty Secures $7M Acquisition Loan
On behalf of a private investor, Dougherty arranged the financing for the purchase of a Garland, Texas, market-rate community. The 12-year term, three-year interest-only Fannie Mae loan has a 30-year amortization schedule.
By Razvan Cimpean
Pineview Apartments in Garland, Texas
After closing a $13.6 million loan for the acquisition of Prairie Meadows Townhomes, a 186-unit community in Eden Prairie, Minn., Dougherty Mortgage LLC secured a $7.3 million Fannie Mae loan for the acquisition of Pineview Apartments, on behalf of a private investor. According to Yardi Matrix data, the 152-unit market rate community in Garland, Texas, changed hands for an estimated $9.7 million. Dougherty’s Minneapolis and Vienna, Va., offices arranged the Fannie Mae loan through a partnership with Old Capital Lending. The 12-year term loan has a 30-year amortization schedule, with a three-year, interest-only feature.
Easy access to Hollabaugh Park
Located at 3910 W. Walnut St., the community sits across from the Hollabaugh Park and minutes away from multiple shopping and dining options, including The Village Plaza and Walnut Village shopping centers. The four-building asset offers convenient access to Interstate 635 and U.S. Route 75. Pineview Apartments features one-, two- and three-bedroom units, ranging in size from 475 to 1,100 square feet, while rents start at $540 and go up to $839. Community amenities include a basketball court, playground, three laundry facilities and 250 parking spaces.
Image courtesy of Yardi Matrix
