TEMPLE, TX - Dougherty Mortgage recently closed a $5 million Fannie Mae loan for the acquisition financing of Magnolia Greens Apartment Homes, a 116-unit market rate multifamily apartment property located in Temple, Texas.
The property was constructed in 1974 and includes nine two-story apartment buildings, a one-story leasing office building and a one-story storage building. Property amenities include a swimming pool, laundry facilities, fitness center, clubhouse, volleyball court and playground.
The 12-year term, 30-year amortization loan was arranged through a partnership with Old Capital Lending for borrower Magnolia Greens, LLC.
About 3CM Multifamily: 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.
About Dougherty Mortgage: 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.
For more information, please visit www.doughertymortgage.com