Dougherty Arranges Acquisition Loan for Dallas-Area Community

Dougherty Mortgage teamed up with Old Capital Lending to secure a 12-year term loan for the acquisition of Colonial Arms, a 123-unit community in Waco, Texas.

Colonial Arms in Waco, Texas
Colonial Arms in Waco, Texas

Working on behalf of DCP 601 Brown Trail LLC, Dougherty Mortgage has secured an acquisition loan for Colonial Arms, a 123-unit community in Waco, Texas. Dougherty teamed up with Old Capital Lending to close the 12-year term Fannie Mae Green Rewards loan, which has a 30-year amortization schedule.

Located at 5817 Edmond Ave., the multifamily property consists of one-, two- and three-bedroom apartments ranging from 676 to 1,596 square feet. Colonial Arms, completed in phases in 1964, 1969 and 1974, was about 95 percent occupied as of February. Community amenities include a swimming pool, three laundry facilities and 200 parking spaces. The eight-building property is situated in the vicinity of multiple shopping centers—including Richland Mall, Parkdale Shopping Center and Town West Center—and roughly five miles from Interstate 35.

Earlier this month, Dougherty also secured a Fannie Mae loan for the refinancing of Green Twig Villas, a 62-unit Minneapolis-area affordable community.

Image courtesy of Yardi Matrix