Dougherty Mortgage Closes $4.8 Million Fannie Mae Loan for Carmel Manor Apartments

CORPUS CHRISTI, TX - Dougherty Mortgage recently closed a $4.8 million Fannie Mae loan for the acquisition financing of Carmel Manor Apartments, a 74-unit market rate multifamily apartment property located in Corpus Christi, Texas. 

The property was constructed in 1964 and includes twenty-two two-story buildings with amenities to include swimming pool, laundry facility, picnic area, on-site office, and carports.  The 12-year term, 30-year amortization loan was arranged through a partnership with Old Capital Lending for borrower Carmel Manor, LLC.

3CM Multifamily is a San Antonio based, vertically integrated, private equity real estate company focused on acquiring, repositioning, and operating value-add multifamily properties in select high growth US markets.  John Bollinger, CEO of 3CM Multifamily has developed a corporate culture which strongly believes in providing a high quality product.  3CM Multifamily currently owns and operates a portfolio of Class A & B assets in the South-Central Texas area.

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 $6.7 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.

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