MINNEAPOLIS, MN - Dougherty Mortgage LLC, a full service national mortgage banking firm, has originated an $11.2 million HUD Insured 223(f) refinance loan for the Buzza Lofts of Uptown, a 136-unit multifamily property located in Minneapolis, Minnesota. The 35-year term and amortization loan was arranged by Dougherty's Minneapolis, Minnesota office.
The property was originally built in 1907 as a warehouse building and was rehabbed in 2012 into a 136-unit apartment building. As part of the renovation the owner secured federal historic preservation tax credits and a matching Minnesota historic preservation tax credit. The property operates as a Section 42 Low Income Housing Tax Credit (LIHTC) property with all of the units having restricted rents at 60% or less of the area median income (AMI).
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