Suburban Dallas Community Gets Refi
Dougherty Mortgage arranged the 12-year Fannie Mae loan on behalf of Class B property's owner.
Dougherty Mortgage has provided the owner of Forest Ridge Apartments, a 56-unit property in Denton, Texas, with a $4.4 million refinancing package. The 12-year Fannie Mae loan has a 30-year amortization period.
According to Yardi Matrix data, the Class B, garden-style community came online in 1971 and has a mix of two- and three-bedroom apartments with private balconies and patios. Property amenities include a swimming pool, a dog park, a grilling area and laundry facilities.
Located on 2 acres at 1810 Westminster St., the 8-building property is just off Interstate 35E. The surrounding area has several retail and dining options, including Golden Triangle Mall, which is 1 mile from Forest Ridge. The asset is within 2 miles of Texas Women’s University and University of North Texas.
In February, Dougherty partnered with Old Capital Lending to provide a $7.4 million acquisition loan for a 105-unit community in Fort Worth, Texas. JARS Partners acquired the asset from Napali Capital.