MINNEAPOLIS, MN - Dougherty Mortgage LLC arranged a $22.9 million new construction / rehabilitation loan for Grain Belt Terraces, a 150-unit market rate multifamily property located in Minneapolis, Minnesota. The 40-year term loan was arranged for Orth-Grain Belt, LLC by Dougherty's Minneapolis, Minnesota office.
Grain Belt Terraces are part of the redevelopment of the Grain Belt brewery site in the historic Sheridan neighborhood of northeast Minneapolis. The design captures classic view corridors and incorporates cutting-edge rental housing. Property amenities include 3 elevators, a lounge, an outdoor plaza and underground garage. Unit amenities include oversized windows and black appliances with granite countertops. The penthouse units will have stainless steel appliances, upgraded flooring and 10' ceilings with great views of downtown Minneapolis.
Dougherty Mortgage LLC is a full service 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 $2.8 billion of loans. Based in Minneapolis, Dougherty Mortgage also has additional offices in Colorado, Texas, Maryland and Montana.
For more information, please visit www.doughertymarkets.com