MINNEAPOLIS, MN - Dougherty Mortgage recently closed a $6.7 million HUD 223(a)(7) loan for the refinancing of Roseville Seniors, a 127-unit affordable multifamily project located in Roseville, MN. All 127 units are covered by a Project-Based Section 8 HAP Contract and are restricted to elderly and disabled residents.
The refinance allowed the Borrower to reduce the interest rate and MIP for this loan, which generates substantial annual savings.
The 35-year term, 35-year amortization loan was arranged for borrower Good Neighbor Senior Apartments Limited Partnership, LLLP.
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