Dougherty Arranges $14M Refi for MN Senior Community

Rosemount Senior Living at Steeple Center is located within a 35-minute drive south of downtown Minneapolis and comprises 92 independent, assisted living and memory care units.

The Rosemount Senior Living at Steeple Center in Rosemount, Minn.
Rosemount Senior Living at Steeple Center in Rosemount, Minn.

Dougherty Mortgage has provided a $13.7 million loan for the refinancing of the 92-unit Rosemount Senior Living at Steeple Center, a property located on the southern outskirts of Minneapolis. The company secured the 12-year loan with a 30-year amortization schedule through Fannie Mae Market-Rate Senior Housing Program, on behalf of the borrower.

The property is situated at 14344 Cameo Ave., in the heart of Rosemount, Minn., within a 35-minute drive of downtown Minneapolis. The Minneapolis-Saint Paul International Airport is roughly 15 miles away. Located next to City On a Hill Church and Robert Trail Library, the property is surrounded by several large parks, such as Carroll’s Woods, Schwarz Pond Park and Erickson Park. The market-rate senior housing community provides independent, assisted living and memory care options. Common-area amenities at Rosemount include:

  • a library
  • fitness room
  • beauty salon
  • lounge area
  • memory care garden
  • children’s play area
  • multipurpose event room

Last November, Dougherty Mortgage closed a $34.1 million HUD loan for the construction of another Minneapolis multifamily development, comprising 183 affordable housing units.

Image via Google Street View