Affordable NC Property Lands Fannie Mae Financing

Working on behalf of IPI Properties 11, a partnership between Berkeley Point Capital and Dougherty arranged a $1.2 million acquisition loan for Barden Ridge Apartments, a 48-unit community in Roxboro.

The Barden Ridge Apartments in Roxboro, N.C.
The Barden Ridge Apartments in Roxboro, N.C.

National mortgage banking firm Dougherty Mortgage closed a $1.2 million Fannie Mae loan for the acquisition financing of Barden Ridge Apartments, a 48-unit affordable housing property in Roxboro, N.C. The 10-year term loan has a 30-year amortization schedule and was arranged through a partnership with Berkeley Point Capital for borrower IPI Properties 11 LLC.

Located at 12 Barden Place, the community is near a small retail center and within a 40-minute drive from central Durham, N.C. Amenities include a community center with activities, a business center, a fitness room, a playground, a laundry care facility, 24-hour emergency maintenance and on-site management.

Recently, Dougherty Mortgage secured a $6.1 million Fannie Mae loan for the refinancing of six market-rate multifamily properties in Cleveland.

Image courtesy of Dougherty Mortgage