MINNEAPOLIS, MN - Dougherty Funding LLC has closed on a $10.3 million construction loan for a to-be-built, six-story, 45-unit apartment project located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood of Minneapolis, Minnesota.
The new construction financing was arranged for Laguna Property Investors, LLC and will be developed by CPM Development. Construction of the project is anticipated to begin in May 2015 with completion expected 12 months later. Dougherty Funding LLC serves as lead lender and servicer for the loan.
About Dougherty Funding LLC: Since 1996 Dougherty Funding LLC has offered a broad range of commercial finance solutions to real estate developers and corporations nationwide. Dougherty Funding serves as the lead lender in all of their transactions and funds each financing by selling loan participations to an extensive network of banks and institutional lenders throughout the U.S.
For more information, please visit www.doughertymarkets.com
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