Dougherty Closes on St. Louis Affordable Community

The company has arranged a 35-year term loan for the 95-unit community. The property was built as a hotel in 1963, and in 2007 it was converted to a multifamily community.

St. Louis—Dougherty Mortgage LLC secured a $5.2 million loan for the refinancing of the Downtowner Apartments in St. Louis. The 95-unit affordable community’s loan is a HUD 223(f) pursuant to 223(a)(7) refinance with a 35-year term/amortization and was arranged through Dougherty’s Minneapolis office for the borrower, Washington Avenue Apartments LP.

Located at 1133 Washington Ave., the nine-story community features amenities such as free Wi-Fi, free on-site laundry facilities, fitness center and a total of 110 parking spaces. The units offer fully equipped kitchens with modern tools, individually controlled heating and air conditioning. On-site management is also available. Furthermore, the Downtowner Apartments is pet friendly.

According to Yardi Matrix data, the property was initially a hotel, built in 1963, and in 2007 it was converted to a multifamily community. The property is fully affordable and includes 10,000 square feet of retail on the first floor.

Images courtesy of Downtowner Apartments