MINNEAPOLIS, MN - Dougherty Funding’s Minneapolis office arranged a $10.8 million 10-year fixed rate, non-recourse refinancing with a life company partner for the Chroma Apartments in the Whittier/Eat Street Neighborhood in Minneapolis, Minnesota.
Though the property was pre-stabilized at the time of commitment, the Borrower achieved an attractive fixed rate and was able to pull approximately 15% cash-out above their construction loan allowing a quick return of capital to investors while maintaining strong cash flow from an asset they plan to hold into the future.
Dougherty Mortgage LLC is a full-service, nationwide 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 $4.8 billion of loans. Dougherty Mortgage LLC has also been awarded designation as a lender/partner with USDA under the Community Facilities Guaranteed Loan Program. Based in Minneapolis, Dougherty Mortgage also has offices in Colorado, Georgia, Illinois, Tennessee, Texas and Virginia.
For more information, please visit www.doughertymarkets.com