Atlanta Affordable Community Lands $7M Refi
- Feb 23, 2017
Atlanta— Dougherty Mortgage LLC, a full service mortgage banking firm, has announced that the company has secured a $7.1 million HUD refinance loan for Victory Crossing Apartments, a 172-unit community located in Columbus, Ga.
The 38.4-term loan was secured through the Dougherty Mortgage Minneapolis office for an affiliate of Dominium Development & Acquisitions that acquired the property through a Transfer of Physical Asset before closing the refinance. The transaction reduced the interest rate and MIP which will enable the borrower to make improvements and upgrades to the asset.
Located at 3390 North Lumpkin Road, just off Interstate 185 and close to Fort Benning, the fully affordable community offers two- and three-bedroom units. Community amenities include laundry facilities, a swimming pool and 310 parking stalls. According to Yardi Matrix, the community is managed by Triumph Housing Management.
Dougherty Mortgage LLC is an approved FHA MAP and LEAN lender, as well as Fannie Mae Delegated Underwriting and Servicing lender that offers a wide range of products for the acquisition, refinance, construction or rehabilitation of various property types.
Image courtesy of Yardi Matrix