Dougherty Closes Fannie Mae Loan for 196-Unit TN Property

The national mortgage banking firm facilitated an $8.4 million loan for the refinancing of The Hills at Oakwood Apartment Homes in Chattanooga. S&S Property Management owns and manages the community.

The Hills at Oakwood Apartment Homes in Chattanooga, Tenn.
The Hills at Oakwood Apartment Homes in Chattanooga, Tenn.

Dougherty Mortgage closed an $8.4 million Fannie Mae loan for The Hills at Oakwood Apartment Homes, a 196-unit multifamily apartment property in Chattanooga, Tenn. The company’s Nashville, Tenn., office arranged the seven-year loan with a 30-year amortization schedule for borrower Jersey Pike LLC. According to Yardi Matrix data, Nashville-based S&S Property Management owns and manages the asset.

Located at 4827 Jersey Pike, the 16-building property provides easy access to Interstate 75 and highways 58 and 153. The Chattanooga Airport is within a 10-minute drive. The Hills at Oakwood features 45 one-, 132 two- and 19 three-bedroom units, ranging in size from 640 to 1,240 square feet.

Amenities include:

  • fitness center
  • tennis court
  • playground
  • swimming pool
  • 312 parking spaces
  • laundry facilities

Earlier this week, Dougherty Mortgage also closed a $34.1 million HUD loan for the construction of 1500 Nicollet, a 183-unit affordable housing development in Minneapolis.

Image courtesy of Yardi Matrix