CHICAGO, IL - The Oak Brook, Illinois office of Dougherty Mortgage recently closed a $1.3 million Fannie Mae loan for the acquisition of Mondamin Apartments, a 28-unit market rate multifamily apartment property located in Minooka, Illinois.
The property consists of four two-story apartment buildings constructed in two phases: the 407, 409, and 411 buildings were constructed in 1987 and the 405.5 building was constructed in 1989. The Property also includes a single-story garage building.
The loan was provided as an 80% acquisition loan with a 12-year term and 30-year amortization and was arranged for borrower Mondamin, LLC.
Dougherty Mortgage LLC is a full-service, nationwide 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 $6.2 billion of loans.
Dougherty Mortgage LLC has also been awarded designation as a lender/partner with USDA under the Community Facilities Guaranteed Loan Program. Based in Minneapolis, Dougherty Mortgage also has offices in Colorado, Georgia, Illinois, Mississippi, Tennessee and Texas.
For more information, please visit www.doughertymortgage.com