Dougherty Mortgage Closes Supplemental Loan for DFW Property
- Mar 26, 2019
After recently originating a $3 million loan for the 134-unit Landen in Irving, Texas, a partnership between Dougherty Mortgage and Old Capital Lending has closed a $1.3 million supplemental Fannie Mae loan for Cedar Point, according to Dallas County records. Per Yardi Matrix data, the California-based owner purchased the 112-unit community in Seagoville, Texas, in 2017 using $6.6 million in Fannie Mae financing. Both loans have a 30-year amortization schedule and a maturity date of 2029.
Located at 2106 N. Highway 175, the property consists of a mix of one-, two- and three-bedroom apartments with floorplans ranging from 525 to 950 square feet. Built in 1987, the eight two-story buildings are spread across a 4.5-acre parcel. Common-area amenities include a playground, pool and on-site rental office.
Highway 175 connects the property to interstates 20 and 635, with downtown Dallas less than 20 miles away. According to Yardi Matrix data, the asset was 94.6 percent occupied as of February.
Image courtesy of Yardi Matrix