Dougherty Arranges Refi for Louisiana Community

The 17.6-year Fannie Mae loan originated by Dougherty’s Minneapolis office has a 30-year amortization schedule. The $1.3 million financing will be utilized to refinance an 80-unit residential property.

Full-service national mortgage banking firm Dougherty Mortgage closed a $1.3 million Fannie Mae loan to refinance The Terrace of Hammond Apartments Phase I in Hammond, La. The  17.6-year Fannie Mae loan originated by the company’s Minneapolis office has a 30-year amortization schedule.

The Terrace of Hammond Apartments

Located at 1203 Martin Luther King Ave., the 80-unit affordable community is owned and managed by RichSmith Development, according to Yardi Matrix. The property’s unit mix consists of one-, two- and three-bedroom floorplans ranging from 677 to 1,092 square feet. Amenities include a fitness center, community room, business center, playground and 207 parking stalls. The asset is situated in the vicinity of Southern Louisiana University and is close to numerous retail and dining options, including Town & Country Plaza and West Gate Shopping Center.

Back in May, Dougherty closed a Fannie Mae loan for the acquisition of Millennium on Post in San Marcos, Texas.   

Images courtesy of Yardi Matrix