Dougherty Secures Acquisition Loan in North Dallas
Dougherty Mortgage closed a $34.3 million Fannie Mae acquisition loan for a 240-unit community in Plano, Texas. The 10-year term loan has five years of interest-only payments and a 30-year amortization schedule.
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