By Razvan Cimpean
Working on behalf of TS Asset Toscana, Dougherty Mortgage has secured a $10 million acquisition loan for Toscana Apartments, a 160-unit community in Bedford, Texas. The mortgage banking firm arranged the 12-year Fannie Mae credit facility through a partnership between its Minneapolis and Vienna, Va., offices and Old Capital Lending. The loan has a 30-year amortization schedule.
The 12-building multifamily property, located at 1325 Tennis Drive, was completed in 1977. Toscana Apartments consists of studios, one- and two-bedroom apartments ranging from 520 to 951 square feet. According to Yardi Matrix data, rent started at $777 and went up to $1,022 as of November 2017, when the property was nearly 90 percent occupied. Community amenities include a clubhouse, swimming pool, spa and 315 parking spaces.
Earlier this month, Dougherty also closed a refinancing loan for Boulder Creek Apartments, a 327-unit Detroit-area multifamily property.
Image courtesy of Yardi Matrix