Dougherty Secures New Loan for Northridge Court Apartments
- Apr 26, 2017
Dougherty Mortgage recently completed an $819,000 Fannie Mae supplemental loan, on behalf of 101 Westcourt LLC, for Northridge Court Apartments in Cleburne, Texas. Arranged through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Va., offices, the 7.25-year term loan has a 30-year amortization schedule.
Located at 101 Westcourt Drive, the 86-unit asset features one- and two bedroom apartments and 170 parking spots. According to real estate data provider Yardi Matrix, Darcorp Cos. acquired the 12-building community in 2014 for $3.2 million and signed a 10-year term Fannie Mae loan for $2.4 million. Rents at North Ridge Court start at a monthly $766 and go up to $801 as of March, when the asset was 96.5 percent occupied.
Earlier this month, Dougherty Mortgage, on behalf of Legacy REI Group VF LLC, secured a $7.4 million Fannie Mae loan for the acquisition of Villa France.
Image courtesy of Yardi Matrix