Dougherty Arranges Refi for San Antonio Community

The $14.9 million, 12-year Fannie Mae loan will be used to retire existing debt on the property.
The Townhomes at Westcreek. Image via Google Maps

Perry Reid Properties has received a $14.9 million Fannie Mae refinancing package from Dougherty Mortgage for The Townhomes at Westcreek, its 220-unit community in San Antonio. The 12-year mortgage includes a 30-year amortization schedule. Yardi Matrix data shows the financing will retire an existing $12 million, 10-year Fannie Mae loan, taken out in 2014.    

Located at 1297 W. Loop 1604 North, the affordable community is close to dining and retail options, while being roughly 3 miles from SeaWorld and 18 miles west of downtown San Antonio. Completed in 2001 on a 20-acre site, the asset comprises 33 townhomes, with two- and three-bedroom floorplans. Units range in size from 1,008 to 1,212 square feet. Common-area amenities include a fitness center, clubhouse, after-school program, playground and swimming pool.

Earlier this year in May, Dougherty Mortgage originated a $27.1 million Fannie Mae acquisition loan for Strategic Property Investment. The 254-unit Oaks on Marketplace in Kyle, Texas, is adjacent to a 230,000-square-foot retail center anchored by an H-E-B Plus.