Dougherty Closes $14M Loan for Minneapolis Asset

The company worked on behalf of the borrower, Eagan Apartment Associates LLP, to close the 12-year term loan. The community was 98.2 percent occupied as of August.

Aspenwoods

Aspenwoods

Dougherty Mortgage closed a $13.7 million loan for the refinancing of Aspenwoods Apartments, a 162-unit community in Eagan, Minn. The company’s Minneapolis office arranged the Fannie Mae 12-year term, seven-year interest only loan on behalf of the borrower, Eagan Apartment Associates LLP. The credit facility has a 30-year amortization schedule. Recently, Dougherty provided a $31.5 million HUD 221(d)(4) loan for another Minnesota community

The two three-story buildings offer one- and two-bedroom units ranging in size from 752 to 1,072 square feet and feature air conditioning, dishwashers, balconies, tile floors, walk-in closets and updated bathrooms. The pet-friendly community includes common features such as:

  • two fitness centers
  • business center
  • car wash bay
  • community room
  • elevator
  • guest suite
  • on-site laundry
  • sauna
  • tennis court
  • walking and biking paths
  • outdoor swimming pool
  • barbecue area

Located at 1105 Duckwood Trail, on approximately 9 acres, Aspenwoods offers convenient access to shopping and restaurants such as Byerly’s, Walmart, Buffalo Wild Wings and other. Built in 1986, the property is in close proximity to Best Buy, Kohl’s, Black Hawk Middle School, Eagan Senior High School and O’Leary Park. According to Yardi Matrix, the community was 98.2 percent occupied as of August.

Image courtesy pf Yardi Matrix