Dougherty Closes Fannie Mae Loan for Twin Cities-Area Community

The mortgage banking firm facilitated a $7.3 million loan to refinance Green Twig Villas, a 62-unit affordable housing property in Oak Park Heights, Minn.

The Green Twig Villas in Oak Park Heights, Minn.
The Green Twig Villas in Oak Park Heights, Minn.

The Minneapolis office of Dougherty Mortgage has secured a $7.3 million Fannie Mae loan for the refinancing of Green Twig Villas, a 62-unit affordable community in Oak Park Heights, Minn. Most recently, Dougherty Mortgage also closed a $1.2 million Fannie Mae supplemental loan for the refinancing of Parkview Apartments, a 216-unit community in the Westland submarket of Columbus, Ohio.

Located at 13865 N. Upper 58th St., Green Twig Villas is within a 25-minute drive of downtown St. Paul, Minn., and in close proximity of several shopping and dining options. The property features a mix of one- and two-bedroom units. Apartments range in size from 770 to 1,353 square feet. Amenities include a community room and heated underground parking.

The asset is set to benefit from a 15-year loan that features a 35-year amortization schedule. The property utilized four percent Low-Income Housing Tax Credits.

Image courtesy of Dougherty Mortgage