Dougherty Arranges Loan for 136-Unit Buy

Dougherty Mortgage closed an $8 million loan for the acquisition of a 136-unit community in Balch Springs, Texas. The national mortgage banking firm represented the borrower.

Ambassador Apartment Homes in Balch Springs, Texas
Ambassador Apartment Homes in Balch Springs, Texas

Dougherty Mortgage secured an $8 million Fannie Mae loan for the acquisition of Ambassador Apartment Homes, a 136-unit community in Balch Springs, Texas. Dougherty represented the borrower, a partnership between CAKI Real Estate, Florescence, Fordgang Properties and Frisco Bulldog Properties. 

The company arranged the 12-year loan through a partnership between its Minneapolis and Vienna, Va., offices and Old Capital Lending. The financing has a 30-year amortization schedule.

Proximity to schools

Located at 4400 Ambassador Way, the property features one-, two- and three-bedroom apartments, ranging from 606 to 1,011 square feet. Common amenities include a playground, swimming pool, multiple laundry facilities and 200 parking spaces. The 10-building asset sits one and a half miles from Interstate 635 and offers convenient access to multiple schools, including Richard Lagow Elementary School, A+ Academy Secondary School and A.C. New Middle School.

Earlier this month, the national mortgage banking firm also secured the acquisition loan for Woodside Lane Apartments, a 107-unit Dallas market-rate community.

Image courtesy of Yardi Matrix