Dougherty Mortgage Closes $29M Loan for New Orleans Community

Dougherty Mortgage recently closed a $29 million refinancing loan for Calypso Bay, a 280-unit multifamily community in NOLA.

New Orleans—Minneapolis-based Dougherty Mortgage LLC recently closed a $29 million loan for the refinance of a 280-unit multifamily community located in Gretna, La. The 40-year term HUD 223 (f) loan was arranged on behalf of borrower Calypso Bay LLC, through Dougherty’s Dallas office.

Calypso Bay

Calypso Bay, Gretna, La.

Located at 3251 Wall Blvd., the recently refinanced Calypso Bay Apartments is situated nearby the central business district of New Orleans. The market-rate community features one-, two- and three-bedroom floorplans and an amenity package that includes controlled access, fitness center, business center, clubhouse, swimming pool, spa and 552 parking spaces. Apartment sizes range between 747 and 1,600 square feet with rents starting as low as $1,025 for a one-bedroom unit and $1,895 for a three-bedroom unit, according to Yardi Matrix.

Dougherty is an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types. The company also provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, currently servicing in excess of $3.5 billion worth of loans.

Dougherty recently closed another HUD 223(f) loan for the acquisition of a 104-unit multifamily community in Austin.

Image courtesy of Yardi Matrix