Dougherty Mortgage Closes $10M Loan for San Antonio Sale

The company closed a 12-year Fannie Mae financing loan for the acquisition of a 168-unit community located in San Antonio’s North Loop submarket.
Fox Run Apartments, San Antonio
Fox Run Apartments, San Antonio

Dougherty Mortgage closed a $10.3 million Fannie Mae acquisition loan for Fox Run Apartments, a 168-unit community located in San Antonio. Fox Run Realty Associates sold the property for an undisclosed amount to FMREI Broadway 10014 LLC.

The Fannie Mae loan has a 12-year term with five years of interest-only payments and a 30-year amortization schedule. It was arranged through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Va. offices for borrower FMREI Broadway 10014 LLC.

Built in 1978, the 29-building community is situated on roughly 10 acres at 10014 Broadway St. in the North Loop submarket. The unit mix consists of one- to three-bedroom floorplans ranging from 780 to 1,344 square feet. Units feature washer and dryer hookups, fireplaces in the largest apartments, vaulted ceilings, dual-pane glass and private balconies/patios. Common area amenities include a clubhouse, playground, two swimming pools, three laundry facilities and parking.

Image courtesy of Dougherty Mortgage