WINONA, MN - Dougherty Mortgage LLC, a full service national mortgage banking firm, recently closed a $1.1 million HUD 221(d)(4) loan for the acquisition and substantial rehabilitation of River View Flats, a 54-unit affordable multifamily apartment property located in Winona, Minnesota. The project has obtained an allocation of Low Income Housing Tax Credits as well as subordinate funding from Minnesota Housing Finance Agency and the City of Winona.
Upgrades will include replacement of major plumbing and mechanical systems, as well as improving property accessibility. The property includes off street parking, coin operated on-site laundry and a community patio with grill.
The 40-year term loan was arranged for borrower Morningside Terrace LLC through Dougherty’s Minneapolis office.
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 Colorado, Illinois, Tennessee, Texas and Virginia.
For more information, please visit www.doughertymortgage.com