CITY OF ST. PAUL SECURES $40.9M CONSTRUCTION LOAN FOR APARTMENT COMPLEX

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $40.9 million HUD/FHA 221(d)(4) construction loan and 40-year permanent loan for the construction of The Penfield, a 254-unit apartment building in St. Paul. The borrower is the City of St. Paul. The property will also include a 30,000-square-foot Lunds grocery store on the ground level. Ned Foster of Dougherty arranged the 40-year, fixed-rate loan through the St. Paul HRA. The loan carries a rate of 3.12 percent, plus the FHA mortgage insurance premium of 45 basis points, for an all-in rate of 3.57 percent.