Dougherty Mortgage Refinances Philadelphia-Area Affordable Asset
- May 18, 2020
Nationwide Housing Management has received a $4 million Fannie Mae loan to refinance All American Gardens Apartments, an 86-unit affordable community in Camden, N.J.
Dougherty Mortgage arranged the 10-year financing with a 30-year amortization in collaboration with Andrew LaSalla II of LSG Lending Advisors. According to Yardi Matrix data, Nationwide Housing acquired the Class C property in 2018 for $3.6 million, financing the purchase with a $2.8 million from 1st Colonial Community Bank.
Located at 1936 S. Eighth St., the Section 8 HAP property consists of five two-story buildings dating from 1952, Yardi Matrix shows. The unit mix includes 20 one-bedroom, 56 two-bedroom and 10 three-bedroom apartments averaging 572 square feet. Amenities include laundry facilities and more than 40 parking spaces.
The 3-acre property is roughly 7 miles from downtown Philadelphia near Interstate 676, in Camden’s Centerville neighborhood, home to a $120 million affordable redevelopment. The immediate area holds several parks and there are various shops and restaurants close by, alongside Mt. Ephraim Avenue.