Affordable Indiana Community Lands Refi

The $6.6 million loan will be used to refinance Woodland East Apartments, a 224-unit affordable housing property in Michigan City.

The Woodland East Apartments in Michigan City, Ind.

The Woodland East Apartments in Michigan City, Ind.

National mortgage banking firm Dougherty Mortgage closed another Fannie Mae loan—this time for the amount of $6.6 million—for the refinancing of Woodland East Apartments. The 224-unit affordable housing community is located in Michigan City, Ind. Arranged through Dougherty’s Illinois office for borrower Woodland East Housing, the 12-year loan has a 30-year amortization schedule.

Located at 3401 Salem Court, the property is approximately six miles from Interstate 94, in close proximity to shopping destinations and Lake Michigan, but also within walking distance to Joy Elementary School. Woodland East Apartments features a mix of one-, two- and three-bedroom units.

According to MGM Property Management’s website, the Indiana-based company currently manages the asset.

Image via Google Street View