By Razvan Cimpean
Dougherty Mortgage closed a $34.3 million Fannie Mae acquisition loan for The Domaine, a 240-unit market-rate community in Plano, Texas. Bader Development purchased the property from Inland Private Capital Corp. Dougherty’s Minneapolis office arranged the 10-year term loan, which has five years of interest-only payments and a 30-year amortization schedule.
Located at 6400 Windcrest Drive, the 21-building asset sits next to multiple bus stations and is two miles from Dallas North Tollway. Completed in 1998, The Domaine features one-, two- and three-bedroom apartments ranging from 759 to 1,587 square feet. Community amenities include a fitness center, business center, clubhouse, swimming pool, spa and 600 parking spaces.
Inland sold the property as part of an $86 million portfolio sale that included The Domaine and the 289-unit Mustang Park Apartments in Carrollton, Texas.
Earlier this year, Dougherty Mortgage also secured the acquisition financing for Rolling Hills Apartments in Tallahassee, Fla.
Image courtesy of Yardi Matrix
You must be logged in to post a comment.