MINNEAPOLIS, MN - Dougherty Mortgage recently closed a $20.7 million HUD 221 (d)(4) loan for the refinancing and rehabilitation of Oak Park Village, a 100-unit affordable multifamily property located in St. Louis Park, Minnesota. All 100 units will be covered by a Project-Based Section 8 HAP Contract.
As part of this transaction, the property will receive $4.73 million ($47,292 per unit) in renovation work, including upgrades to units and common areas. Renovations will include replacement of certain mechanical, plumbing, and electrical systems; upgraded lighting to LED lights; improvement of on-site playground; and installment of raised planter beds.
In addition to the HUD-insured first mortgage, the project utilized Low Income Housing Tax Credits and tax-exempt bonds. The bonds were underwritten by Dougherty & Company LLC, an affiliate of Dougherty Mortgage LLC. The HUD 221 (d)(4), 40-year term plus construction period, 40-year amortization, non-recourse loan was arranged for borrower Oak Park Village Partners, LP.
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 $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