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ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $10.48 million refinancing loan for Lowertown Commons, a seven-story, 112-unit multifamily building located in St. Paul. The borrower was REE Lowertown LLC. The HUD 223(f) non-recourse loan has a 30-year term and a 30-year amortization schedule. Constructed in 1905 as a facility for the St. Paul Rubber Co., the historic building was rehabbed and converted to apartment units in 1985. Approximately $1.2 million in renovations will be completed as part of the refinancing. Lowertown Commons is owned and managed by Real Estate Equities.