MINNEAPOLIS, MN - The Nashville, Tennessee office of Dougherty Mortgage recently closed a $17 million Fannie Mae loan for the acquisition financing of The Sound at St. Martin, a 181-unit market rate multifamily apartment property located in Biloxi, Mississippi.
The property was constructed in 2005 and renovated from 2017-2019 and includes 15 three-story apartment buildings and a single-story leasing office/clubhouse building. Amenities at the pet-friendly property include a 24-hours fitness center, pool, grilling areas and a business center.
The 12-year term, 30-year amortization loan was arranged for borrower MMP2-Lanier, 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 $7.1 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