Dougherty Mortgage Refinances Memphis Community
- Apr 22, 2019
Mississippi investor Heritage Properties has secured a $20.7 million Fannie Mae refinancing package from Dougherty Mortgage for The Plantation Apartment Homes, a 336-unit community near Memphis, Tenn., according to Yardi Matrix. The new loan pays down a prior, $15.2 million HUD mortgage originated by Wells Fargo Bank in 2011.
Located at 9305 Stateline Road in Olive Branch, Miss., the garden-style community’s 42 buildings are along the border with Tennessee, roughly 22 miles southeast of downtown Memphis. The asset is within 2 miles of a Walmart-anchored community shopping center.
The Plantation contains one-, two- and three-bedroom apartments, with floorplans between 805 and 1,250 square feet. Additionally, a number of fully furnished corporate units are available. On-site amenities include a stocked fishing lake, two swimming pools, tennis courts, a playground and a fitness center. As of March, the asset was 97 percent occupied, per data from Yardi Matrix.
Last summer, a 972-unit community 11 miles north of The Plantation changed hands in a $62 million deal, marking it as Memphis’ largest multifamily transaction of 2018.