Dougherty Mortgage Refinances Memphis Community

The nearly $21 million Fannie Mae loan retires $15 million in HUD financing, which Wells Fargo Bank provided to the owner in 2011.
The Plantation Apartment Homes
The Plantation Apartment Homes. Image via Google Maps

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.