DAVENPORT, FL - Dougherty Mortgage LLC, a full service national mortgage banking firm, recently closed an $18 million HUD 221(d)(4) loan for the construction of The Portofino at Champions Gate, a 120-unit market rate multifamily property to be constructed in the Champions Gate area of Davenport, Florida.
The project will include a mix of one-bedroom, two-bedroom, and three-bedroom units that include attached garages. Additionally, the project will feature a clubhouse with fitness center, pool area with hot tub, business center, volleyball court, and car wash.
Sources of funds include the HUD-insured first mortgage and Borrower cash. The financing was arranged for borrower Portofino at Champions Gate 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