Dallas Apartments Receive $11M Fannie Mae Financing

Located in Waco, Texas, the 256-unit residential community received a 10-year Fannie Mae loan with a 30-year amortization schedule. Doughtery Mortgage, a conventional and affordable debt provider headquartered in Minneapolis, secured the financing on behalf of Upper Level Acquisitions II LLC, a Texas-based entity.

Full-service national mortgage banking firm Dougherty Mortgage recently secured an $11.1 million Fannie Mae financing for the acquisition of Blair’s Cove Apartments in Waco, Texas.

Located at 2425 S. 21st St., the 256-unit property features controlled access, tennis and basketball court, swimming pool and 510 parking stalls. The community includes one-, two- and three-bedroom units, ranging in size from 592 to 1,000 square feet. Situated off Interstate 35, the property is nine miles away from Waco Regional Airport and within walking distance from urban amenities like Dollar General and 7-Eleven.

Dougherty’s Minneapolis and Vienna, Va., offices teamed up with Old Capital Lending to secure the 10-year loan with a one-year, interest-only feature and a 30-year amortization schedule. The borrower was Upper Level Acquisitions II LLC. According to data provider Yardi Matrix, Windmill Investments purchased the property back in 2015, assuming a $5.7 million Fannie Mae loan, which was originated in 2008 and is due in 2018.

Images courtesy of Yardi Matrix