Dougherty Mortgage recently completed a $13 million loan for the refinance of the Manor Royal Apartments, a 132-unit community located in Plymouth, Minn. The project is managed by Real Estate Equities Management LLC. North American Realty LLC, a real estate company based in Rochester, Minn. is the sponsor of the transaction.
Arranged through Dougherty’s Minneapolis office for P & R Properties Co. LLC, the HUD 223 (f) loan has a 35-year amortization schedule. The company plans renovations of approximately $26,000 per unit as part of this deal. Constructed in 1970, Manor Royal Apartments is located at 3930 Lancaster Lane and offers easy access by bus to downtown Minneapolis and neighboring suburbs. The asset is in close proximity to shopping centers and stores.
The three-story building features one- and two-bedroom units averaging 1,029 square feet. Common amenities include a 24-hour fitness center, community room, a swimming pool and three laundry facilities. According to Yardi Matrix data, Manor Royal Apartments was 93.2 percent occupied as of March. The community is also pet friendly.
In April, Dougherty Mortgage also closed a $7 million loan for a 134-unit property in Irving, Texas.
Image courtesy of Yardi Matrix