Dougherty Mortgage Closes $9.6 Million Fannie Mae Loan for Summit Ridge Apartments

MOORHEAD, MN - Dougherty Mortgage LLC, a full service national mortgage banking firm, has closed a $9.6 million Fannie Mae loan for the refinancing of Summit Ridge Apartments, a 125-unit market rate multifamily property located in Moorhead, Minnesota. 

The Fannie Mae, 12-year term, 30-year amortization loan was arranged by Dougherty’s Minneapolis office, for borrower Apartments at Johnson Farms LLC. 

Summit Ridge Apartments are located on a quiet street backing up to open space and nearby parks. Apartment features include open plan kitchens and living areas, 9 foot ceilings on the first and second floors and vaulted ceilings on the third floor. First floor units have walkout patios and second and third floor units have balconies.  Floorplan layouts include 1, 2 and 3-bedroom options and include washer and dryer, dishwasher, microwave and garage.

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 $3.5 billion of loans.  Based in Minneapolis, Dougherty Mortgage also has additional offices in California, Colorado, Tennessee, Texas and Virginia.

For more information, please visit www.doughertymarkets.com

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