Dougherty Mortgage has secured a $3.6 million Fannie Mae loan, on behalf of DCP 4701 Wellesley Avenue LLC, for the refinancing of Sunset Heights, a 90-unit market-rate community located at 4733 Wellesley Ave. in Fort Worth, Texas. Arranged through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Va., offices, the 12-year term loan has a 30-year amortization schedule.
According to data collected by Yardi Matrix, the community was acquired at the end of 2015 by Darwin German Real Estate Investments from private owners for approximately $3.3 million. The company signed a $2.7 million loan with UMB Bank that will mature next year in December. The property offers one- and two-bedroom apartments, with sizes ranging from 666 to 1,095 square feet. Rents at Sunset Heights start at a monthly $622 and go up to $882. As of March, the asset was 98.9 percent occupied. The community features a swimming pool, two laundry facilities and 100 parking spaces.
Recently, Dougherty Mortgage completed a $819,000 Fannie Mae supplemental loan for Northridge Court Apartments in Cleburne, Texas.
Image courtesy of Yardi Matrix