Dougherty Mortgage Closes $6M Student Housing Loan
- May 29, 2017
Dougherty Mortgage LLC closed a $5.5 million Fannie Mae loan to acquire Millennium on Post, a 51-unit student housing property located in San Marcos, Texas. The 12-year term loan has a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending, for borrower 1651 Millennium Post Road LLC.
Located at 1651 Post Road, the community is just minutes away from the Texas State campus. The two- and three-story building has a mix of two- and four-bedroom units averaging 1,346 square feet. The four-bedroom unit features two floors with two bedrooms and two private baths on each floor.
Millennium on Post offers 154 beds, a 24-hour state-of-the-art fitness center, nine-foot ceilings with ceiling fans, walk-in closets, spa and a total of 78-parking spaces. according to Yardi Matrix data, the average rental rate was $1,761 as of May.
Image courtesy of Yardi Matrix