ST PAUL, MN - Dougherty Mortgage LLC, a full service national mortgage banking firm, recently closed a $12.3 million HUD 221(d)(4) loan for the new construction of The Cambric, a 113-unit affordable multifamily seniors apartment community located in St. Paul, Minnesota.
The 40-year term loan was arranged for St. Paul Leased Housing Associates VI, LLLP by Dougherty’s Minneapolis, Minnesota office.
The Cambric will be restricted to seniors age 55 and older and dedicated for residents with incomes at or below 60% of Area Median Income, with 23 units set aside at Fair Market Rents. The project also involves Low Income Housing Tax Credit Equity provided by Wells Fargo Affordable Housing Community Development Corporation and subordinate funds provided by the City of St. Paul and Ramsey County.
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