MINNEAPOLIS, MN - Dougherty Mortgage LLC, a full service national mortgage banking firm, recently closed a $3.5 million HUD 221(d)(4) loan for the rehabilitation of The Cameron, a 44-unit multifamily affordable housing property located in the North Loop of Minneapolis. The 40-year permanent financing loan was arranged for Cameron Building Limited Partnership by Dougherty’s Minneapolis, Minnesota office.
This transaction involves the renovation of the 40,000 square foot building on the National Register of Historic Places. The project will consist of 44 studio, one- and two-bedroom apartments ranging in price from $596-$1100 per month (determined at 50-60% of Area Median Income levels). The Cameron will offer much needed workforce housing in a high demand neighborhood. Located just minutes from Downtown Minneapolis and Target Field, the site provides great access to transportation and neighborhood amenities. Building amenities will include a fitness room, a wi-fi lounge, bicycle storage, and storage lockers.
Additional sources of funding include Low Income Housing Tax Credits, Federal and State Historic Tax Credits, Hennepin County AHIF, Minneapolis CPED, Minneapolis AHTF, Met Council LHIA, MHFA Challenge, Met Council TBRA, and Hennepin County ERF.
Dougherty Mortgage LLC is a full service mortgage banking firm, an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types.
In addition, Dougherty Mortgage LLC provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, currently servicing in excess of $3.5 billion of loans. Based in Minneapolis, Dougherty Mortgage also has additional offices in California, Colorado, Tennessee, Texas and Virginia.
For more information, please visit www.doughertymarkets.com