Dougherty Provides $8.5M HUD Loan for Rehabilitation of Apartment Property in Minneapolis
MINNEAPOLIS — Dougherty Mortgage LLC has provided an $8.5 million HUD 221(d)(4) loan for the rehabilitation of Albright Townhomes in Minneapolis. The affordable housing property includes 89 rental units. Originally constructed in 1977, the property underwent renovations in 2000 and 2006. All units are restricted to residents earning 60 percent or less of the area median income. The fully amortized loan features a 40-year term. Albright LP was the borrower.