MINNEAPOLIS, MN - Dougherty Mortgage LLC, a full service national mortgage banking firm, recently closed a $15.1 million HUD 221(d)(4) loan for the substantial rehabilitation of 700 Central, currently a pair of conjoined historic warehouse buildings located in Minneapolis, Minnesota that will be converted into 80 units of market rate multifamily housing with approximately 5,600 square feet of first floor commercial space.
Because this project has been placed on the National Register of Historic Places, the Borrower was able to utilize equity from the sale of historic tax credits for the project. Additionally, grant funds from the City of Minneapolis (DEED), Metropolitan Council (TBRA TOD) and Hennepin County (ERF) are being used for environmental remediation needed at the site. The financing was arranged by Dougherty Mortgage's Minneapolis office for borrower 700 Central Owner, LLC.
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 offices in California, Colorado, Illinois, Tennessee, Texas and Virginia.
For more information, please visit www.doughertymortgage.com.