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IOWA CITY, IOWA — Dougherty Funding LLC has closed an $11.7 million acquisition loan for a 248-unit affordable apartment property in Iowa City. A majority of the units at Iowa City Pheasant Ridge Apartments were covered under a project-based Section 8 Housing Assistance Payment contract. The property was built in 1971 and recently underwent $700,000 worth of improvements such as new furnaces, roofing, kitchen cabinets, countertops and appliances. Iowa City Leased Housing Associates II LLLP was the borrower. Dougherty served as the lead lender and servicer for the loan.