Dougherty Closes Acquisition Loan in South Dallas

The company secured a $6.6 million Fannie Mae loan for the acquisition of a 113-unit multifamily asset in DeSoto, Texas. Dougherty’s Minneapolis and Vienna, Va., offices arranged the financing through a partnership with Old Capital Lending.

Thorn Manor Apartments in DeSoto, Texas

Thorn Manor Apartments in DeSoto, Texas

Dougherty Mortgage secured a $6.6 million Fannie Mae loan for the acquisition of Thorn Manor Apartments, a 113-unit market-rate community in DeSoto, Texas. The company worked on behalf of the borrower, TM-DeSoto101. The 12-year term loan was arranged through a partnership between the company’s Minneapolis and Vienna, Va., offices and Old Capital Lending and has a 30-year amortization schedule.

Located at 300 W. Wintergreen Road, the seven-building multifamily asset offers convenient access to interstates 20 and 35E. The property also sits within a few miles of Northside Elementary School, DeSoto West Middle School and DeSoto High School. Thorn Manor Apartments features one- and two-bedroom units, ranging from 642 to 868 square feet. Community amenities include a playground, swimming pool and 200 parking spaces.

Earlier this year, Dougherty Mortgage also closed a $13.7 million loan for the refinancing of a 162-unit multifamily asset in Eagan, Minn.

Image courtesy of Yardi Matrix