Dougherty Mortgage LLC recently closed a $16.5 million Fannie Mae loan for the acquisition financing of Parc 410 Apartment Homes in San Antonio.
Dougherty’s Minneapolis and Vienna, Va. offices collaborated with Old Capital Lending to secure the 12-year loan, which has a 30-year amortization schedule. The borrower was 5827 Loop 410 LLC. According to Yardi Matrix, the property was previously sold by Northland Investment Corp. for $19.8 million to RB Associates and the respective deal was subject to a $14.9 million loan held by KeyBank.
Parc 410 Apartment Homes, built in 1980 at 5827 NW Loop 410, is a 21-building property offering 344 units with one- and two-bedroom floor plans ranging in size from 480 to 930 square feet. Common area amenities include a clubhouse, tennis court, basketball court, playground, two swimming pools, spa and laundry facilities. Units feature private balconies/patios, outside storage, vaulted ceilings and fireplaces in select units.
Images courtesy of Yardi Matrix