ROCHESTER, MN - Dougherty Funding LLC has closed on a $23.8 million construction loan for Commons on Mayowood, which will consist of a five-story, 159-unit apartment property situated on a 2.95 acre site on the edge of the Zumbro River in Rochester, Minnesota. Construction on the project began in 2nd quarter 2016 and is expected to be completed in 3rd quarter 2017.
The property is anticipated to host a wide range of amenities, including access to a walking/biking trail that goes to the Mayo Clinic and shuttle service access for Mayo Clinic employees.
The financing was arranged for Mayowood Commons LLC and Dougherty Funding serves as lead lender and servicer for the loan.
About Dougherty Funding LLC: Since 1996 Dougherty Funding LLC has offered a broad range of commercial finance solutions to real estate developers and corporations nationwide. Dougherty Funding serves as the lead lender in all of their transactions and funds each financing by selling loan participations to an extensive network of banks and institutional lenders throughout the U.S.
For more information, please visit www.doughertymarkets.com
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